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IBC / TWIST Bank Service Codes - FALL 2013 NEWSLETTER

The highlights from the IBC/TWIST BSB Newsletter showed that steady progress is being made on the global introduction of the Bank Service Codes, viz:

  • ISO 20022 camt.086 BSB message version of the TWIST BSB is one year old and the AFP Global Service Codes (GSC) is now two years old.  How far along are the banks in implementing both standards?  A TWIST  survey was sent to 30 banks who are active with the BSB or have an ongoing interest.  15 banks responded revealing that:
  • 13 banks are live with BSB (Bank Service Billing) for corporate customers.  Of these,12 are public about their activities, they are; Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Danske Bank, HSBC, Intesa Sanpaolo, JPMorgan, SEB (Skandinaviska Enskilda Banken),  Société Générale, Standard Chartered Bank and UniCredit
  • two additional banks have publicly endorsed the BSB standard and with plans to implement in the future, Lloyds Bank and Standard Bank
  • four additional banks are in the development or planning stages; one is a global bank and the others are regional banks.  (They have committed to go public when they go live.) 
  • four vendors offer products to help corporates to process and analyse BSBs.  Three other vendors assist banks to produce bank account billings and the BSB. Furthermore, one ERP and one TMS suppliers are currently developing corporate software (TWIST BSB will say more about them when they go public.)
  • Lufthansa, Siemens, Cigna, Deutsche Post DHL plus a fifth corporate sharesd their experienced in News from the Corporates in the ‘IBC/TWISAT BSB - Fall 2013 Newsletter’.

When the BSB and GSC standards are adopted by the majority of the leading cash management banks, evaluating and comparing bank charges will be a lot easier. The progress of the banks and the leading vendors of enterprise pricing and billing systems, such as SunTec, seems to be accelerating, but for many corporates it will still be several years before even the majority of their banks adopt these standards. It is only companies like GE that can insist banks use the BSB standards.

This item appears in the following sections:
Bank Relationship Management & KYC
Bank Fees Reconciliation & Negotiation


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