Hanse Orga: TWIST Recognises Bank Fee Analysis Tool
Germany’s Hanse Orga said that with the release of its specialised FinanceSuite eBAM (electronic Bank Account Management), the software provider has been officially recognised by Transaction Workflow Innovation Standards Team (TWIST), the international non-profit organisation for the standardisation of bank fees, as software provider for the analysis of bank service fees and is included in its list of references.
This recognition officially confirms that FinanceSuite eBAM complies with the requirements of the TWIST bank services billing (BSB) 3.1 standard for bank fee statements and the reference will be published in the TWIST newsletter in 2014.
TWIST developed the so-called BSB standard for service charge statements in the electronic extensible markup language (XML) format, to improve harmonisation and transparency of bank fee statements sent from banks to their customers.
The FinanceSuite eBAM enables companies and others to process these standardised fee statements automatically within their SAP system, to analyse them and to automatically start dispute workflows where necessary. Besides TWISTS BSB, the integrated Hanse Orga solution also supports bank fee statements including ISO 20022 camt.086.001.01 and the US format Ansi x.12 822 (‘bank analysis’).
“The standardisation of bank fee statement formats is another important step in the direction of further straight-through processing [STP] in the communication between banks and companies,” said Sven Lindemann, chief executive (CEO) of Hanse Orga.
“With our FinanceSuite eBAM we offer a future-proof, SAP-integrated module, and help achieve an automated and optimised processing of these standardised formats. We are convinced that a fast and reliable analysis of the actual bank fees compared to the planned fees will deliver a significant added value to companies.”