Redbridge surveyed 12 banks about the electronic bank fee statement format they offer to clients globally, the frequency and delivery options for the statements, and which industry standard code set is included for client use
The accessibility of global bank fee reporting has greatly expanded in recent years driven strongly by the European market. As treasury departments become more centralized, the ability to receive files in TWIST BSB, camt.086 (ISO20022), or EDI822 format from banks in every country allows the treasurer and CFO complete visibility into their global bank relationships. This information empowers treasurers to make informed strategic decisions about fairly sharing their fee wallets, performing vendor due diligence, and managing the performance of regional treasury operations.
The Asia Pacific region has shown considerable growth since just last year followed by consistent but slow growth in Africa, Latin America, and Central European countries. Corporate treasurers reading the results of this survey should keep in mind that while files may be noted as available in a certain country, availability may be determined by the size and classification of the accounts held. The best way to determine if a file is available for a specific company is to ask your account officer.
About this survey
This survey was conducted on behalf of a working group made up of corporations, banks, and vendors working to improve bank billing globally and in coordination with the Common Global Implementation (CGI) Working Group 5.
Redbridge facilitated the survey and aggregated the results. The results of this survey were in no way altered by Redbridge.
It is important to note that 12 major banks providing cash management services on a global scale participated in the survey. The results from this survey may not reflect full capabilities of the market or the banks that participated. At least five other banks have been known in the market to provide BSB files but did not participate in the survey.