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Bank Services Billing standards market adoption growing, but more support needed

The January 2017 BSB Newsletter reminds us all that BSB “has been designed to address the bank fee statement requirements of domestic and cross border services globally, developed with modern technologies”. They report BSB is progressing with:

  • 16 banks are known to be in production with BSB (either or both the newer ISO 20022 version on the original TWIST version). Other banks may be in production but have not publically declared.
  • 13 application vendors are known to support the standard: 9 for end users (bill recipients), 4 for banks.

(Note the plea for more responses and participation in their survey.)

Key developments in BSB development

The BSB team - made up of dedicated, passionate companies and people - report that the key BSB developments have been:

  • Global Service Codes Taskforce  has been launched as a sub-committee of the CGI-MP Working Group 5 to update the AFP Global Service Codes. (Redbridge’s Bridget Meyer is concerned that the banks will not adopt these standards fully.)
  • The standards -based optimization, driven by EU governments which includes BSB initiatives
  • A soon to be published CGI-MP corporate case study The Business Case for BSB for Corporates.

Available bank billing related systems/services

The BSB Newsletter is full of ideas and really useful information, such as the initial results of the survey of companies providing bank billing related capabilities:

Source & Copyright©2016 - BSB Newsletter

CTMfile take: The BSB Newsletter is both a guide to Bank Services Billing, e.g. the BSB Q&A and a newsletter. Definitely worth a download, read and store. HOWEVER, the concern (which has been around for years) that the banks, corporates and systems suppliers need to do more, seems to be growing.  

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