Bank Services Billing Standard

Bank Services Billing Standard

Large multinational corporations want to streamline their banking practices. To do this, they need all of their bank billing electronically, and in a common format.

Corporations do not know with any degree of accuracy what is being paid to international banks for their services. Main concerns were:

  • No way of accurately verifying international bank fees
  • Analysis of bank fees is labor intensive
  • No way to provide management with global bank relationship metrics
  • International cash management fees are decentralized with few controls in place
  • Compliance issues, like Sarbanes-Oxley Act

Normally billing in banking has following aspects.

  1. It must be periodic (at pre agreed duration...)
  2. Details of the transaction must contain ref no. of client
  3. It also covers statutary payment details if any
  4. Format can be customised as per the clients requirement
  5. Mode of presentation can also be selected per clients selection (fax, mail, hard copy...)
  6. Grouping of services done at various levels
  7. Tracking of repayment
  8. Reconciliation for repayment

Read more about Bank Services Billing Standard:  The BSB Standard

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