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Implementation of the new XML 20022 Bank Service Codes standard, camt.086, and AFP Global Service Co

Paul Bursteinn surveyed progress to the new standards. He concludes, in the latest IBC / TWIST BSB news sheet, that:

  • banks will be migrating to the camt.086 over the next few years. Many banks are dependent on their software vendors
  • corporate software providers will be able to support the ISO 20022 camt.086 and the TWIST BSB version 3.1 during this transition period
  • the migration period, depending on bank, can be anywhere from 9 months to open ended.  While some banks will provide the Global Service Codes with version 3.1, the majority will implement with the camt.086.

In other words it will take several years.


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

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