Free app assists firms in managing banking relationships

The Accredited Standards Committee X9 (ASC X9), an American National Standards Institute (ANSI) accredited standards developing organisation comprising members from the financial services industry, has released a web-based app for banks and corporates to test and validate messages defined by the Balance and Transaction Reporting Standard (BTRS). Developed by Volante Technologies and available free of charge, the web-based app – or BTRS Validator – leads to more accurate reporting and lowers development costs.

BTRS is the next generation of cash management reporting and intends to convert the old Bank Administration Institute (BAI) codes to an X9 standard to make it more compatible with other global industry standards like ISO 20022. The BTRS Validator provides banks and corporations with a modernised format for corporations to manage their business accounts more effectively, particularly across banking relationships.

ASC X9 notes that cash management reporting BAI 2 format is not currently a standard, yet a commonly used format for information reporting – which makes up significant amount of a bank’s corporate expenditure. Since many financial institutions depend on legacy systems, the app also has the ability to transform existing BAI2 messages to the newer BTRS format, after which they are validated.

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