SunTec achieves TWIST BSB compliance

TWIST (Transaction Workflow Innovation Standards Team) is a not-for-profit industry group which develops non-proprietary XML-based standards for the financial supply chain. TWIST includes representatives of the corporate and public administration sectors, financial services providers, system suppliers, electronic trading platforms, market infrastructures and professional services firms.

TWIST’s Bank Services Billing Standard (BSB) allows banks to inform their customers with regard to their service usage and the charges they have accumulated, communicating information such as the type, quantity and price of the bank services used in a standard format via invoices. BSB thus allows businesses to employ the same standard e-invoicing and payment processes for all financial and commercial transactions, whether they are performed via electronic transfer, check issuance, direct debit or cards. Among other standards developed by TWIST are the ISO 20022 payment standards on which the EU Single Euro Payment Area (SEPA) is based.