Barclays Becomes First UK Bank to Introduce Twist BSB Standard to Customers
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.