Accredited Standards Committee X9 has
developed a new standard for banks to enable corporates to manage
their business accounts.
The Balance and Transaction Reporting Standard
(BTRS) will streamline communication between banks and corporate
customers, subsequently reducing cost and risk while improving cash
management functions.
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The adoption of one common standard will aid a
corporate treasurer efficiently utilise and invest the cash
resources of their company.
The BTRS will harmonise disconnects found in
previous versions of the BAI/cash management releases.
John Scully, head of information reporting
services at Bank of America Merill Lynch, who co-chaired the
Language of the Standard subgroup which managed the overall format,
said:
“We looked at the deficiencies of BAI2 and
what the market was demanding, and added to that clear market
practice guidelines. Our goal was to insure consistency of use by
the thousands of banks, corporates and vendors that will use
BTRS.”
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By GlobalDataThe result was an updated standard that
supported multi-lingual, multi currency transactions as well as the
inclusion of new batch and invoice records to support the
requirements of corporations.
