As reporting systems become more complex, differences in data formats can cause considerable difficulty. The BALANCE AND TRANSACTION REPORTING STANDARD establishes a common format for exchanging cash management account data. By establishing an efficient mechanism for communication among multiple parties, the standard facilitates complete, accurate, and timely information reporting, and helps reduce the cost of providing this service. The BTRS Code list standardizes Account Status/Balance, Transaction Summary, and Transaction Detail codes across the industry. Old BAI2 codes were thoroughly evaluated and many were retired because they were outdated, redundant, or ambiguous. The resultant BTRS code set provides for a clearer association to Transaction Detail Codes and a standard map to one Summary Code u it also provides interoperability with ISO 20022 and SWIFT MT. We expect that this BTRS Code list will adapt to the changing global financial environment and provide this process to request new codes
| ANSI : | ANSI Approved |
| File Size : | 1
file
, 790 KB |
| Number of Pages : | 58 |
| Published : | 02/19/2016 |
