Companies still find it difficult to get bank statements in the TWIST BSB format from many overseas institutions.
The bills that banks send to companies are complicated—so complicated that various vendors offer software for checking bank statements to see whether the fees a company was charged are in line with its agreement with the bank. But companies can’t use that software unless their banks provide them with electronic statements, and getting such statements from many overseas banks is still a struggle.
The TWIST BSB Newsletter shows the number of international banks providing BSB billing statements rose from 12 in 2012 to 16 earlier this year.
European companies are less interested in analyzing their bank statements to be sure the banks are charging them accurately than they are in using the information to get a clearer view of their banking relationships.
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INTIX will help banks extract the information required from their billing systems to deliver e-billing statements to their corporate clients. Similarly, INTIX will help corporate treasuries analyse those statements in order to increase visibility on banking fees.