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Electronic Statements from International Banks

Companies still find it difficult to get bank statements in the TWIST BSB format from many overseas institutions.

By Susan Kelly | Updated on November 16, 2016
The bills that banks send to companies are complicated—so complicated that various vendors offer software for checking bank statements to see whether the fees a company was charged are in line with its agreement with the bank. But companies can’t use that software unless their banks provide them with electronic statements, and getting such statements from many overseas banks is still a struggle.

In a session at the 2015 Association for Financial Professionals conference, consulting firm Redbridge Debt & Treasury Advisory surveyed attendees about bank e-billing. Of the 48 survey participants who use international banks, just 16% receive electronic statements that follow the TWIST BSB global bank-billing standard.

But those corporate treasury practitioners are interested in getting standardized electronic statements: 51.4% of those surveyed said that whether an international bank made such a statement available would definitely influence their decision on which bank to use, while another 37.8% said it would probably influence their decision.

U.S. Banks Lead the Way in E-Billing

In the United States, it’s common for companies to get their bank bills in an electronic format.

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