Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016 - (Page 55)
CAN BE FUN....?
It seems that the CGI
workgroup is on the right
track to design a framework for electronic
Bank Services Billing that
meets both the requirements from corporates and
The other problem is the
communication channel that
should guarantee authenticity
and integrity. Taken together,
these issues result in significant manual efforts for all parties involved where it comes
to processing invoices. The
consequence is more work and
costs for corporates, banks
Invoices need to be exchanged using secured channels that ensure the sender's authenticity. The internationally proven EBICS
standard is ideally suited to this, because it uses these criteria
It seems that the CGI workgroup is on the right track to design a
framework for electronic Bank Services Billing that meets both
the requirements from corporates and banks.
It would be great if banks would work together to define a
standard for all parties involved. There is room for more innovative digital services. Today's E-banking and payment factory
solutions support these standards.
Banks should become active
All parties involved in the market have been hoping for binding
standards. The banking community should take the lead in defining message formats, contents and communication standards
for Electronic Banking (EBICS and SEPA are good examples of
initiatives). Unfortunately, the topic of Bank Services Billing has
not been a priority.
For this reason, corporates themselves are becoming active. In
terms of formats, there is a focus on the ISO 20022 - XML structure for financial messages (this format can already be handled
by most processing systems). This international standard has
the potential to form the basis for a broad consensus across
Corporates and banks are currently collaborating in a
workgroup "the Common Global Implementation initiative"
(CGI) to realize a harmonized version of formats. All parties
involved could benefit from this new version.
/ AUG / SEP 2016
Bank Services Billing
Banking fees, in contrast, are processed in a different way. Accountants and tax auditors accept electronic invoices for bank
services, but this only applies if the audit and tax requirements
are met. This is often where initiatives strand: standards are not
available for fee codes, VAT details and electronic formats.
Key Account Manager
Omikron Systemhaus, Cologne
In this digital era, paper invoices seem old fashioned. The real
economy has created standardized guidelines for E-invoicing.
Corporates which follow these standards and convince their
suppliers to comply are able to process electronic invoices
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
Corporates demand electronic Bank Services Billing.
Banks should create a binding standard.
Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016
Table of contents
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW Philippe Gelis - Kantox - Fintech and the future of banks
Lost in transformation
Everything has a price – a transfer price
Treasury Survey - an unprecedented picture of treasury activities in Luxembourg
The impact of negative rates on Treasury and Risks Management Systems
Towards reporting harmonisation?
Understanding the Treasury impact of BEPS
Impacts of Single Resolution Mechanism and Bail-in for European Banks
Supply chain? Not concerned?
Collateral management and the Corporate Treasury function.
Efficiently Managing Cross-Border Payments in Turbulent Times
How Mid-Market Companies Can Efficiently Manage Enterprise-wide FX Risk as they Grow
Investing surplus cash in repos
A wind of technology changes in the treasury management world
Invoicing can be fun….?
Comment améliorer la performance des fonds de pension européens
15 MINUTES WITH O2Finance
THE FINANCIAL RISK OBSERVATORY
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016