In a new service for General Electric, Danske Bank Group is the first European bank to implement the TWIST standard for electronic transmission of bank charge details.
TWIST has created a global standard for electronic reporting of bank services, offering the best practice on an important issue for corporate treasuries. The TWIST BSB standard enables banks to periodically advise their wholesale clients of their service usage and charges.
In line with cash management strategy
The Danske Bank Group is the first European bank to deliver structured and standardised details to its customers, and it can do so in five European countries. These are details on type, quantity, price and other information about banking services billed to wholesale users.
“We are proud to be able to deliver this new service,” says Peter Storgaard, Head of Cash Management Sales in Danske Bank. “It is in line with our strategy to deliver cutting-edge cash management solutions. Our customers will benefit from this solution as it improves their overview of bank charges and enables them to choose bank relations with even more qualified information. It will help ensure that their treasury needs are met both today and in future.
Transparent relations
General Electric receives TWIST BSB files from the Danske Bank Group in Denmark, Sweden, Norway and Finland, with Ireland to follow soon. The information is used for analysing and controlling trends in debited fees. This creates a transparent relationship, which is an advantage to both the Bank and the customer.
At the announcement on September 17, Paul Burstein, Managing Director of GE Treasury Services, said, “This is an excellent case study of how corporates, by joint efforts, can improve co-operation with stakeholders. We are excited that continued development will bring more and better solutions to close the gaps in the physical and financial supply chain, and will release the enormous value locked up in disjointed paper-based processes.”