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Twist Bank Services Billing Standard
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Twist Bank Services Billing Standard

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TWIST BSB is a standard governing the format of electronic statements sent out by banks and financial institutions to their corporate customers. This presentation is a very bried intro to the topic

TWIST BSB is a standard governing the format of electronic statements sent out by banks and financial institutions to their corporate customers. This presentation is a very bried intro to the topic

Published in: Economy & Finance

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Transcript

  • 1. Jack Eapen C [email_address] http://www.jackeapen.com/
  • 2.
    • Problem Statement
    • In Search of a Solution
    • TWIST BSB Standard
    • Technical Details
  • 3.
    • Lack of transparency and consistency in bank charges
    • Analysis of bank fees is labour intensive
    • Even the electronic statements are not machine readable
    • ANSI X12 822 standard was in use in the US; but no European equivalent
    • Gaps in ANSI X12 822
  • 4.
    • Players involved:
      • International Bank Compensation Group (IBC) lead by GE
      • TWIST ( Transaction Workflow Innovation Standards Team)
    • The Solution:
      • Receive bank services charges in a standardized electronic file
      • Use software to process bank service charges
      • Process and analyze the bank service charges
      • Work with your banks to receive better value
  • 5.
    • The BSB standard defines
      • an electronic statement
      • includes volumes and associated charges for all billable services
      • that can be sent by a Financial Institution to its wholesale customers (e.g., corporations, governments, institutions)
      • detailing their usage of financial services and their related charges
    Released in 2006
  • 6.
    • Using a compatible s/w, FIs can generate XML messages in compliance with BSB standard
    • These messages are passed to the corporate customers through a mutually agreed channel. This is outside the scope of BSB standard
    • At the receiving end, corporate can process the XML files using appropriate s/w
  • 7. A BSB message is composed by the “header” section and multiple “electronicStatement” sections A statement is structured in two sections: “statementHeader” and “statement”
  • 8.
    • Check all bank calculations (find errors)
    • Examine each and every line item charge
    • Check expected balances, volumes and service prices
    • Allocate bank charges automatically
    • Perform modeling and “what if”
    • Compare divisions, departments, regions, etc...
    • Import/export data to general ledger and budget systems
    • Perform bank-to-bank comparisons
    • Perform trend analysis over time
    • Satisfy Sarbanes-Oxley requirements
    • Identify unused services
    • Archive statements electronically