SWIFT and TWIST have jointly developed the camt.086, an ISO 20022 counterpart message to TWIST Bank Services Billing (BSB). The TWIST BSB version 3.1 should continue to be offered by banks while the industry migrates to the ISO 20022 camt.086 version of the BSB.
The camt.086 BSB is the function equivalent of the TWIST BSB version 3.1 and nothing has been lost from the TWIST BSB. The only changes made were to conform to the ISO 20022 XML standards.
The camt.086 message specifications and XML Schema are now available to be downloaded.
TWIST announced that a Message Usage Guide (MUG) is being reviewed and will be published shortly. It is the functional equivalent of the TWIST ‘Global Electronic BSB Standard – Requirements Document’. It will describe ‘the data content requirements of the BSB standard as defined by ISO2002’ and will include a sample camt.086 message and a data mapping between the TWIST BSB v3.1 and camt.086 message.
The next TWIST BSB Newsletter, due out this autumn, will include guidance to the adoption plans of the banks and software vendors.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.