Wouldn’t it be nice to have all commercial account bank billing statements, domestic and foreign, available in a standard, electronic format? Then I could use “electronic eyes” to check for billing errors, detect unused services, examine balance usage, bill services to the appropriate departments, aggregate costs on a global basis, budget for the future, analyze trends over time, compare prices, pay bills and get rid of all those mounds of paper statements and 300 page PDFs. This vision has become reality. The US based 822 and now the global BSB provide all this and more – at your fingertips.
It began in the early 1990′s with the advent of the ANSI 822 electronic billing standard. At the urging of major US corporations and with the help of the Association for Financial Professionals (then known as the NCCMA) the 822 standard was developed. Today every national bank and all regional commercial banks offer the 822. Over 1,200 corporations now receive and use the 822 and have experienced major cost savings and analytic benefits. The success of the 822 in the US provides a dramatic “proof of concept” of electronic bank billing statements for commercial accounts.
But what about offshore accounts? The 822 is a US ANSI standard. Companies used to the US standard were disappointed to learn that electronic billing statements in a standard format did not exist outside the US. But now that void has been filled with the BSB, Bank Standard Billing statement, first from TWIST and now under the ISO20022 standard. Read More →