Large

multinational corporation A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, i ...

s want to streamline their banking practices. To do this, they need all of their bank billing electronically, and in a common format. Corporations do not know with any degree of accuracy what is being paid to international banks for their services. Main concerns were: * No way of accurately verifying international bank fees. * Analysis of bank fees is labor-intensive. * No way to provide management with global bank relationship metrics. * International cash management fees are decentralised with few controls in place. * Compliance issues, like Sarbanes-Oxley Act. Normally billing in banking has following aspects. # It must be periodic (at pre agreed duration...). # Details of the transaction must contain ref no. of client. # It also covers statutory payment details if any. # Format can be customised as per the client's requirements. # Mode of presentation can also be selected per clients selection (fax, mail, hard copy...). # Grouping of services done at various levels. # Tracking of repayment. #

Reconciliation Reconciliation or reconcile may refer to: Accounting * Reconciliation (accounting) Arts, entertainment, and media Sculpture * ''Reconciliation'' (Josefina de Vasconcellos sculpture), a sculpture by Josefina de Vasconcellos in Coventry Cathedra ...

for repayment.

The BSB Standard

Bank Services Billing (BSB) is an industry standard that governs the format of electronic bills send out by financial institutions to

wholesale Wholesaling or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional or other professional business users; or to other wholesalers (wholesale businesses) and related subordinated services. In ...

customers (e.g.

corporation A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

institution Institutions are humanly devised structures of rules and norms that shape and constrain individual behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions a ...

s). BSB is a statement to report on the corporate customers' usage of financial services and their related charges. It takes the form of a periodic electronic statement that lists all the chargeable service events that occurred during a reporting cycle, along with detailed

tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...

and

currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general def ...

information. This standard is developed by

TWIST Twist may refer to: In arts and entertainment Film, television, and stage * ''Twist'' (2003 film), a 2003 independent film loosely based on Charles Dickens's novel ''Oliver Twist'' * ''Twist'' (2021 film), a 2021 modern rendition of ''Olive ...

, a

not-for-profit A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

industry group delivering open,

XML Extensible Markup Language (XML) is a markup language and file format for storing, transmitting, and reconstructing arbitrary data. It defines a set of rules for encoding documents in a format that is both human-readable and machine-readable. T ...

-based, standards in certain financial processes. The main idea behind this standard is to ''"obtain an electronic billing statement from international banks in a standard format"''. According to TWIST, Denmark's Danske Bank has become the first European bank to use its bank billing standard to deliver detailed information to corporate treasurers and wholesale clients. The bank is using the Twist BSB standard for the electronic transmission of information relating to bank charges to General Electric (GE).

References

{{reflist, 1 Banking