BACS and Eurobase Get Themselves in a TWIST

The TWIST (Treasury Workstation Integration Standards Team) standards initiative has announced that BACS Limited and Eurobase International have agreed to become gold level sponsors. The TWIST initiative has been formed to stimulate the adoption of common standards built around XML across the financial services industry. These new sponsorship arrangements are designed to further progress the work that has already been done and establish a proper legal standing for TWIST alongside the protection of its intellectual property, said the standards body. Tom Buschman of Shell, who co-ordinates TWIST activity, said: ‘Up to now, TWIST activity has been successfully undertaken on a largely voluntary basis. However, with the growth in uptake of the FX and money market standards and the imminent release of payment standards, there is a need to support TWIST with a formalised organization structure. This sponsorship will enable us to move TWIST forward on a number of fronts, from incorporating TWIST as a not-for-profit Company Limited by Guarantee, which protects the intellectual property rights and the TWIST brand-name, to enhancing the publication of the actual XML schemes for the standards that we have developed.’

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