X9 BAI Version 2:2009

This "cash management balance reporting" Version 2 specification copyrightownership was transferred to the Accredited* Standards Committee X9, Inc- Financial Industry Standards (ASC X9) www.x9.org from the previouscopyright owner Bank Administration Institute (BAI).

As of June 24, 2009, Accredited Standards Committee X9, Inc. FinancialIndustry Standards filed copyright ownership. Upon the transfer of thedocument copyright, the ASC X9 membership initiated a new project to reviseand develop the Version 2 specification to become an X9 - American NationalStandard. This new project revision will improve the quality of reportinginformation as well as allow firms to increase visibility to cash, intra-dayreconciliation and liquidity management.

As reporting systems become more complex, differences in data formats cancause considerable difficulty for corporations. The BAI specification hasbeen widely used for information reporting of account balances, transactions,lockbox detail, and controlled disbursement detail. The existing cashmanagement reporting (BAI format) is not currently a standard; it is acommonly used format. It has many optional fields which allow variations frombank to bank. Often companies implement many variations of the specificationcausing a large investment in scripting and resources to integrate these formatversions in their back office applications (Treasury Workstations, A/P systems,ERP, etc).

The expected outcome of the project will update the BAI specification to becomean American National Standard incorporating best practices and code sets fromboth the current specification and the IS0 20022 CAMT (cash management)reporting messages and associated code sets. Corporations have expressed adesire for a global cash management standard that is implemented in aconsistent manner by financial institutions. This initiative will promotestandardized use of the former BAI formats while at the same time, ensuringinteroperability with ISO 20022. By establishing a standard for communicationamong multiple parties, the specifications facilitate complete, accurate, andtimely information reporting, and help reduce the cost of providing this service.

This dated document will be replaced by the official American National Standardwhen completed and approved it will be numbered X9.121.

Product Details

Published:

01/19/2010

Number of Pages:

92

File Size:

1 file , 510 KB