TWIST Standardises Payments and Working Capital Management

Payments standards have taken a step closer to fruition following the launch of TWIST’s XML-based standards for commercial payments and working capital management. The standards, designed to support corporate-to-corporate straight through processing, cover invoice processing and the automated processing of payments supporting electronic fund transfers. The standards include an XML core payment kernel for corporate-to-bank payment initiation and status messages, produced through collaboration between four standard bodies (IFX, OAGi, SWIFT and TWIST) and nine banks. Tom Buschman, Treasury Development Manager at Shell and coordinator of TWIST, said: ‘Several organisations have already started with the implementation of the harmonised payment standards. To further encourage take-up of the new standards, TWIST is establishing various supporting activities, including research, implementation support, training and education.’

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