Update – International Bank Compensation/ TWIST BSB
March 4th, 2008 – Progress continues by the banks in implementing the TWIST BSB for electronically reporting bank service charges. Here is a quick update on what has been happening.
- Barclays Bank is now live for Sterling accounts. Barclays is the first UK bank to provide customers the BSB file. See the attached press release for additional information.
- Danske Bank and Barclays are now both live with the TWIST BSB.
- Lloyds TSB has recently announced that in the future they will also be providing the BSB. They join the fifteen banks that had previously announced; ABN, Bank of America, Barclays, BNP Paribas, Citi, Danske Bank, Deutsche Bank, HSBC, JPMorganChase, KBC, Westpac, Societe Generale, Standard Bank of South Africa, Standard Chartered and Unicredit Group.
- Customer acceptance testing is being conducted by at least two other banks and two more banks have said that they will be providing test files by the end of March. See the attached presentation, pages 24 to 37, for the current status of most of the banks.
- A number of additional banks are evaluating implementing the BSB and are making plans to offer it to their corporate customers.
- Software for corporates to process the BSB is available with Weiland Financial Group’s BRMEdge, contact Mike O’Brien at +1 847-810-6113 andChesapeake SystemSolutions SmartAnalysis, contact John Snyder at +1 410-356-6805 X 118.
- I gave a presentation on e-Invoice of Bank Fees at the ACT Cash Management Conference in London last month. Steve Weiland and I did a similar presentation as an AFP Webinar, also in February. Response to both presentations were positive.
- TWIST has revised its Web Site. Click on the link to go there for more information on the TWIST BSB or to download technical specifications. http://bsb.twiststandards.org/
You can help
- Pass this page to others who might be interested.
- Corporates, contact your bank relationship managers and let them know you want the BSB.
- Email me if you know of anyone who would like to be included in future mailings.
- Lastly, let me know if your company or bank wishes to be publicly identified with the International Bank Compensation project.
Thank you for your support.
Paul S. Burstein
Treasury Services Strategic Initiatives
GE Corporate Treasury
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