Wouldn’t it be nice to have all commercial account bank billing statements, domestic and foreign, available in a standard, electronic format? Then “electronic eyes” could 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. The vision has become reality, and with the recent announcement of the ISO 20022 electronic billing statement standard, all this and more are now at your fingertips.
In 2010 a group of bankers, corporations, SWIFT and ISO (International Standards Organization) came together to enhance and assume ownership of the modified TWIST BSB standard. Then, the AFP developed a new set of common, global service codes to be used in the new standard. Now, after two years of development, the new ISO 20022 BSB global electronic statement standard, known as “camt.086”, is fully documented and available on the ISO web page. http://www.iso20022.org/payments_messages.page#payments_catalogue_bsb
It is globally useable, features the AFP Global Service Codes™, and bears the ISO stamp of approval. The question no longer is “Wouldn’t it be nice?” but rather, “Which of my banks are committed to the BSB” and “When can I expect to receive it?”.
The Montauk Group, LLC.
390 Plandome Road, Suite 209, Manhasset, NY 11030