Barclays has become the first UK bank to introduce the TWIST BSB 3.1 industry standard for bank services billing (BSB) with the electronic transmission of detailed bank charges to General Electric (GE). The BSB standard is designed to enable the bank’s customers to verify their bank fees in a way that is transparent, accurate and efficient. TWIST produced the standard as the global standard for electronic reporting of bank services and has delivered a best practice on an important issue for treasuries. GE receives TWIST BSB-files from Barclays creating a transparent relationship between the bank and its customer. Barclays is also introducing the TWIST BSB 3.1 to five additional clients in the first phase. The service is currently only available for UK sterling accounts.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
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