IBC / TWIST BSB – Fall 2009 Newsletter

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  • Since the last newsletter BNP Paribas has gone live with the TWIST BSB for France and the UK. BNP Paribas now joins Danske Bank, Barclays, Societe Generale, Citi and JPMorgan in offering the BSB to their customers.  Three additional banks are working on the BSB, either in development or user acceptance testing.  Lastly over the next six months some of the 6 banks that are live will be expanding their geographic coverage.  See News from the Banks for more details.
  • See News from the Software Vendors for information about WFG’s BRMEdge, Chesapeake Systems SmartAnalysis, TriSyn and SunTec.
  • Over 15 corporates are receiving BSBs. See News from the Corporates for information on what one of them, GE is doing.
  • There are two projects to expand the BSB capability. The first is to expand the Service Codes used in most BSB files to include “Global” services, Global Service Codes Project. The second is to register the BSB under ISO20022, ISO20022 Registration.
  • The BSB was recently written up in three trade journals.  Read what was written in BSB in the News.
  • Lastly a Corporate Survey gives some insight into the adoption of the BSB by corporates.

For more information read below.

In this Issue

Global Service Codes Project

Steve Weiland reports:

“Based on the last full Global Service Codes committee meeting, some additional discussions, and review of email responses, Paul, the AFP and  I decided to adopt the following approach to “Globalizing” the AFP service codes.  One overwhelming factor was the sheer number of existing AFP codes. There are 2,108 line item service spread across 25 product groups.  We will now concentrate on a small, basic set of codes since, for most purposes, the degree of detail available in the US is not required and would have only a small additional payback for the consumers of the BSB.  We think this change will seriously reduce the work effort, speed up delivery and ease implementation of this code sub-set.

With the cooperation of the Phoenix Hecht company, we acquired their list of the 87 most frequently used bank services in the US. We matched these to the most “likely” AFP Service Codes.  We will use this as a base list of services and then match and add the bank participants’ most frequently used services to this list.  Step one in this approach is to ask each bank participant to:

  • Identify the seventy most frequently used services in their bank.
  • Identify any matches with the services in the base list and, if required, provide a revised service description designed to “globalize” the existing AFP full description.
  • Provide a list and full description of the bank’s services that have no match in the basic list.

Step two will fold the new services into the existing AFP codes and globalize, if necessary, the service descriptions of the most frequently used codes. Step three consists of review and agreement. Step four will be the publishing of the “globalized” code set by the AFP.”

ISO 2022 Registration

Tom Buschman, Chairman of TWIST reports:

“TWIST is in active discussion with the Registration Authority of ISO 20022 about the exact manner in which it will submit the BSB standard for ISO 20022 certification. These discussions are in the context of a wider debate about incorporation of multiple other standards in ISO 20022 and the technical adjustments that this requires for the standards concerned. TWIST aims to minimise the impact of ISO 20022 compliance for the existing implementations of the BSB standard. Therefore TWIST will enter into direct contact with the banks that implemented the TWIST BSB to obtain their views and technical preferences. TWIST is optimistic that this process of consultation and ultimate submission can be completed before the end of March 2010.”

Corporate Survey

In May a questionnaire was sent to the 131 corporates on the IBC/TWIST BSB mailing list.  We wanted to see how corporates were working with their banks to implement the BSB.  77 of the corporates (59%) are US headquartered although almost all have major international presence.  54 (41%) were headquartered outside the US.  Responses came in over the next two months from 32 corporates (24%).  19 (61%) were US and 12 (39%) were non-US.

  • 4 of the respondents said they were receiving the BSB.
  • 12 said they had contacted their banks about receiving the BSB.  Of these 9 had contacted at least one bank that was currently live with the BSB.  4 of 12, some overlap,  used banks that plan to be live in the next 6 to 12 months.  Lastly only 2 of the 12 reported that none of their banks had made a commitment to produce the BSB.
  • 6 additional respondents said that while they had not contacted their banks they would be doing so in the near future.

The corporates were also asked “Are there any major issues that are impeding your implementation of the BSB?”  Of the 32 corporates who responded, 22 answered this question.  Their primary responses were:

  1. prioritization of projects (6 respondents)
  2. bank availability of the BSB (5)
  3. need to analyze before making decision (4)
  4. internal resource availability (3)
  5. no need or cost of project is an issue (3)
  6. project scheduled for next year (1)

Based on the survey responses, it appears that the implementation of the BSB by the corporates has not been as fast as one might have anticipated.  Primary causes appear to be 1) bank availability of the BSB and 2) corporates prioritization of projects and availability of resources.   The good news is that, three more major banks will be going live with the BSB in the next 6 to 12 months and a number of the existing banks will be rolling out the BSB to more countries and regions.  And with the improving liquidity environment more corporates should be able to prioritize and find resources to undertake the implementation of the BSB.

BSB in the News and Related Articles

News from the Banks

 

 
 


News from the Corporates

Manish Goel of GE says

“GE continues to take the lead on the International Bank compensation project and unlock the value in standardized electronic bank fee reporting in the TWIST BSB standard. The coverage of banks reporting production files to GE in this format now extends across 7 banks in 23 countries including Danske Bank (Europe – 4 locations), National Irish Bank (Ireland), Barclays (UK) , Socgen (France) and Citibank (12 locations), Deutsche Bank (Germany) and BNP Paribas (Europe – 3 locations)

Testing is already underway with partner banks for TWIST BSB reporting across 3 countries and we have commitments to commence testing for another 14 countries.

We will make further announcements in this regard at an appropriate time.”

We ask other corporates to send us an email let us know what they are doing with the BSB.

News from the Software Vendors

Weiland Financial Group, a provider of account analysis software to corporates says

“As of this date we have a total of six large multi-national current customers who have either purchased or are very interested in acquiring the BSB processing upgrade to the BRMEdge system. We have prospects who, increasingly, are inquiring about the BSB and its availability. Our business contact for BSB interest is Don Enright, DJE@weiland-wfg.com 847-810-6115.”

Chesapeake System Solutions, a provider of treasury management solutions for corporates says

“SmartAnalysis is a sophisticated tool for analyzing commercial bank fee data across all banking relationships. Utilizing industry standard formats and service codes, EDI 822/AFP and TWIST BSB, SmartAnalysis imports and organizes all reported data, automates the comparison of actual with expected charges, highlights discrepancies, and helps ensure that the correct fees and credits are applied.”

For additional information contact John Snyder, jsnyder@chessys.com, +1 410 356 6805 x118

 

Sun Tec previously reported

“As a leading provider of Relationship-based Pricing and Centralized Billing solutions to the Financial Services industry, SunTec is committed to delivering solutions which meet the standards followed by the industry. TWIST BSB is one such standard for the distribution of electronic details which reflect the charges applied to clients. SunTec has delivered TWIST BSB output through its standard data interfacing platform, thus ensuring that future upgrades to the standard can be achieved through Meta data updates in much the same way as acquiring a new map for your navigation system. The user defines the structure and format of the source and requests output in the desired format and version. The facility has been trialed by various clients and is expected to be in production shortly.”

For additional information contact Sanju Pillai, +91 471 3918391, sanjup@suntecgroup.com.

TriSyn previously reported

“TriSyn Group has delivered its TWIST BSB solution which is actively being used in production. These TWIST BSB statements are being provided to their customer base. We are actively engaged in a number of other client projects to continue the rollout of this solution.

TriSyn Group is a provider of core banking applications including the industry leading commercial billing application Infopoint Account Analysis. For more information about TriSyn Group or Infopoint Account Analysis please contact Tim Goad at tim.goad@trisyngroup.com.”

Lastly you can help

  • Pass this newsletter on to others who might be interested and email us to include them in future mailings.
  • Corporates, you should contact your bank relationship managers to let them know of your interest in receiving the BSB.
  • Let us know if your company or bank wishes to be publicly identified with the TWIST BSB project and what you are doing.

Best Regards,
Paul Burstein

paul.burstein@twiststandards.org

 

Contacting TWIST

TWIST Process Innovations Ltd
Cheyne House, Crown Court
62-63 Cheapside, 4th Floor
London, EC2V 6JP
United Kingdom

Email: info@twiststandards.org

Web: To find out more about TWIST activities, please register at www.twiststandards.org


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