The Common Global Implementation - Market Practice (CGI-MP) initiative provides a forum for financial institutions (banks and bank associations) and non-financial institutions (corporates, corporate associations, vendors and market infrastructures) to progress various corporate-to-bank implementation topics on the use of ISO 20022 messages and other related activities, in the payments domain.
Bank Services Billing working group established
CGI-MP have established a working group for harmonised bank service billing which is a welcome initiative. Corporate treasurers have been calling for harmonised, electronic bank services billing (BSB) for many years in order to improve the transparency of their bank fees. The Common Global Implementation Market Practice (CGI-MP) initiative has voted in favour of establishing a working group on BSB messages.
Although, there already is an ISO 20022 standard for bank service billing, namely camt.086, many banks have been reluctant to make the investment necessary to comply with the standard developed by the American TWIST initiative and the financial messaging provider SWIFT.
Unfortunately, the same is true for the global service codes developed by AFP, which are supposed to ease cash management services mapping but, many of them are still using their legacy formats and individual coding. This makes it hard for corporates to process and assign bank fees to the respective services.
The working group will need to focus on improving the implementation guidelines for banks, so that they adopt AND use consistently the:
- BSB codes
- global service codes.
The first meeting is planned at the end of November.
CTMfile take: We have had, for a while, the eBAM working group and the Global Rapid eBAM Adoption Team (in the US), and now we have the CGI initiative, all working to promote and to ensure that the eBAM vision happens. But will also require corporates insisting that they will move their business unless their banks use the BSB and AFP global services codes. Of course, it will take time, nevertheless eBAM will happen.
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