SunTec Business Solutions, the leading provider of Relationship-based Pricing and Centralized Billing solutions, announced that its flagship product for the financial services vertical – TBMS-F -- is compliant with TWIST’s (Transaction Workflow Innovation Standards) Bank Services Billing Standard (BSB).
TWIST BSB was created at behest of a group of over 80 corporations. It provides a consistent means for banks to periodically advise wholesale clients of their service usage and the charges accrued, and thus enhance process efficiency and optimize controllership. It can be used to communicate the type, quantity, price and other information on the bank services used, in detail and in standard format, through invoices presented to wholesale users.
“SunTec is committed to delivering solutions that meet industry standards -- like TWIST BSB used in the distribution of electronic details reflecting the charges applied to clients. SunTec delivers TWIST BSB outputs through its standard data interfacing platform. Future upgrades to the standard can be achieved through metadata updates, much like acquiring a new map for your navigation system,” said K Nanda Kumar, CEO, SunTec. “Several of our clients and Prospects have trialed the new facility; it will enter the production phase shortly.”
BSB covers a multi-agent and multi-payment method perspective, allowing corporates to use the same standard e-invoicing and payment processes for financial and commercial transactions, irrespective of the mode of issuance -- electronic transfer, check issuance, direct debit or cards. TWIST has developed together with SWIFT the ISO 20022 payment standards that are at the heart of the EU’s Single Euro Payment Area project (SEPA). The standards are constructed to deliver end-t-end straight through processing, for instance by structuring the information to be passed through inter-bank clearing channels.
"TWIST BSB has now been implemented by several banks and corporations to facilitate standardization of billing processes and analysis thereof by corporate customers, irrespective of the nature of the services delivered or the country in which they are delivered. We are pleased to note that SunTec has worked with several global banks for the implementation of BSB in a manner that facilitates further uptake and future maintenance of the standard, as and when required.