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Large multinational corporations want to s … 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.yment. 8.
* Reconciliation for repayment.
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Large multinational corporations want to s … 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: Normally billing in banking has following aspects. billing in banking has following aspects.
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Bank Services Billing Standard
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