IBC / TWIST BSB – Status August 2008

Print Friendly

A few months have passed since the last IBC/TWIST email update on the implementation of the e-Invoicing TWIST Bank Service Billing, BSB, standard. Here is the latest news.

General News

GE and TWIST wins “Highly Commended” Adam Smith Award in the Bank Relationship Management category for 2008. The Adam Smith Awards are sponsored by Treasury Today magazine and are awarded for “Best Practice and Innovation” in Treasury. GE and TWIST won the award for the development of the BSB standard and their role in the successful implementation by Danske and Barclays banks.
GE and TWIST and the other winners were presented with the award at a Luncheon held on Thursday, 19th June 2008 at The Four Seasons Hotel, Canary Wharf in London. Representing TWIST was Bill Peters, COO of TWIST. Attending for Danske was Peter Storgaard, Niels Bang-Hansen and Morten Olufsen. GE was not represented as Dennis Sweeny and Paul Burstein were unable to make the trip to London. (Paul since retiring from GE has been able to spend more time work with TWIST.)
The Treasury Today case study has just been published in the July/August special award supplement of Treasury Today. A copy of the case is attached to this email.

AFP Service Codes

One of the keys to implementing the TWIST BSB data by corporates is the use of standardized service/billing codes. (In the BSB this is the Common Code.) Each bank’s billing system maintains its own set of internal billing/service codes that identify each unique bank service. (In the BSB this is the Banks Service Id.) The corporates, to understand and analyze the invoices presented by different banks, use a single set of standardized service/billing codes that is mapped to the different bank’s internal billing/service codes.

Long before TWIST created the BSB, a standardized service code list was created and maintained by the Association for Financial Professionals (AFP) for use with the US EDI 822 Electronic Account Analysis statements. This code set can also be used in the BSB files. The AFP service codes cover services offered in the US. A need exists to expand this set of codes to cover additional services that are only offered outside the US.

The AFP has offered to work with a group organized by TWIST to expand the AFP Service Codes. Steve Weiland and Paul Burstein are organizing banks, service providers and corporates to work with the AFP to identify and codify these additional services. Ernie Humphrey of the AFP will be working with us.

Ernie Humphrey said,

”AFP has great respect for the efforts undertaken by TWIST and its partners to establish a global bank services billing (BSB) electronic statement. An important step in this tremendous undertaking is the establishment of a global set of treasury service codes to incorporate into the BSB file transmitted from treasury service providers to their customers. Since 1986, AFP Services Codes(c) have been recognized as the standard for identifying balances and charges that appear on account analysis statements. The AFP Service Codes(c) have had a focus on U.S. based treasury service providers and corporations. AFP is excited about the prospect of collaborating with TWIST, interested banks and treasury service providers, and corporations to expand the AFP Service Codes(c) to create and maintain the industry standard for global service codes.”

TWIST is organizing banks, corporations and service providers to work with the AFP to expand the AFP Service Codes to meet global needs. Those interested can contact Steve Weiland at sjw@weiland-wfg.com or Paul Burstein at paul.burstein@twiststandards.org.

News from the Banks

Additional banks support and number of them are in development of the BSB.

The Corporates

GE says that

“We are live with Danske Bank and Barclays Bank as has been previously reported. We are processing BSB files using third party software and we are receiving value from TWIST BSB. In addition, we are in the final phase of testing BSB files with six other banks and we expect to be live with them in second half of 2008. We will provide further details at appropriate time.”

“Microsoft, like every corporation, is seeking full transparency into the fees that it pays for services from banking partners around the world.  The ability of our banking partners in providing monthly detailed billing analysis files using the TWIST BSB format  is critical to helping us achieve our goal of greater transparency and understanding of our banking fees by using a common file format standard that can be adopted and supported by any banking partner and easily imported into our application.”

A number of other Corporates have been working with their banks on implementing the BSB but has chosen not make statements at this time.

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.
  • Just let us know by return email.

 

 


Comments are closed.