TWIST, the Treasury Workstation Integration Standards Team, has issued the requirements for a complete range of standard XML-messages to automate the processing by banks and their clients of commercial payments and working capital financing. Seven international banks – ABN AMRO, Bank of America, Citigroup, Deutsche Bank, HSBC, JPMorgan Chase and Standard Chartered – have worked together with other members of TWIST to ensure universal applicability of the requirements. After obtaining feedback from other market participants, the TWIST task force is aiming for one single, open and non-proprietary standard that can be used by any corporate and bank, irrespective of size, location or market position. The requirements support the following sub-activities: relationship set-up and management; issuing corporate payment instructions; remittance advice; cancellations; payment status information updates; payment rejections; payment repairs and bank statements reporting. The requirements cover a multi-agent and multi-payment method perspective, allowing corporates to use the same payment process for financial and commercial transactions irrespective of the issuance of payments via electronic transfer, check issuance, direct debit or by using credit or debit cards.
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