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Uniform Bank Messaging

Updated BAI standard could arrive by early 2011

By staff Writer | Updated on August 03, 2010

A new standard is in the works for the messages that banks use to report cash management information to corporate treasuries, and according to a recent survey of finance executives, that new standard can’t arrive too soon.

Messages about things like bank account balances, lockbox services and controlled disbursements currently use a Bank Administration Institute (BAI) format that was last updated in 1987. In the more than two decades since then, banks have responded to changes in the services they offer by independently adjusting the messaging format, forcing treasuries to make alterations to their workstations and other technology to deal with the variations in the messages from different banks.

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