Bank Services Billing Standard

rdf:langString Bank Services Billing Standard

rdf:langString Large multinational corporations want to streamline their banking practices. To do this, they need all of their bank billing electronically, and in a common format. Corporations do not know with any degree of accuracy what is being paid to international banks for their services. Main concerns were: * No way of accurately verifying international bank fees. * Analysis of bank fees is labor-intensive. * No way to provide management with global bank relationship metrics. * International cash management fees are decentralised with few controls in place. * Compliance issues, like Sarbanes-Oxley Act Normally billing in banking has following aspects. 1. * It must be periodic (at pre agreed duration...) 2. * Details of the transaction must contain ref no. of client. 3. * It also covers statutory payment details if any. 4. * Format can be customised as per the client's requirements. 5. * Mode of presentation can also be selected per clients selection (fax, mail, hard copy...) 6. * Grouping of services done at various levels. 7. * Tracking of repayment. 8. * Reconciliation for repayment.