bai reporting reborn as btrs - asc x9 · wire remittance structure chair gina russo, federal...
TRANSCRIPT
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BAI Reporting Reborn as BTRSBAI Reporting Reborn as BTRSThe Journey to Create a Global Reporting Standard
James Wills SWIFT
David Bellinger AFP
Bill Lundeen Procter & Gamble
David Repking J.P. Morgan
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Challenges
BAI Background and X9 Workgroups
AFP Questionnaire
Agenda
2
The New BTRS Standard
A Corporate Perspective
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Today’s Challenges
� Not many are satisfied with Information Reporting
� Multitude of existing standards and formats
� Complexity by regional, payment type and bank specific requirements
Corporations
• Multiple systems, processes,
Banks
• Face similar challenges as
Vendors
• Differing customer requirements• Multiple systems, processes, controls
• Timeliness of information
• Different information products/formats offered by banks
• Manage exceptions manually
• Resource intensive
• Difficulties centralizing
• Face similar challenges as corporations plus...
• Comply with new regulations/legislation
• Demand for new technologies
• Need to grow and expand into new markets
• Competitive landscape
• Satisfy client requirements across segments (small business, mid-market, large corporate and global)
• Differing customer requirements
• Costly to support message formats and mapping requirements
• Resource intensive projects
• Competitive landscape
• Corporations pressure for innovation for the lowest cost
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Format Used for Wire Transfer Information
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What are the benefits of the outcome?
� Better Information
� Standardized information directly from account holding bank (or via
your aggregator)
� Centralized reporting – 24/7
� Multi bank relationship management
� Improved STP
� Faster and Consistent Data� Faster and Consistent Data
� Better Prepared for the Next Stage
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What are BAI2 and X9?
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BAI Background
BAI “A colloquial term used to describe a file format for using to perform
electronic cash management balance reporting.”
BAI1 Released
BAI2 Released
Copyright Transferred to
1980
1987
7
Copyright Transferred to
Accredited Standards Committee X9, Inc.
Publish the new “BTRS” by end of year
(Balance and Transaction Reporting Standard)
2008
2011
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X9 Mission: to develop, establish, maintain, & promote standards for the Financial Services Industry
X9 BAI2 Standards Lead Jim Wills, SWIFT
BAI Codes Update Chair David Repking, J.P. Morgan
Co-Chair Greg Malosh, Bank of NY Mellon
Language of the Standard Chair John Scully, Bank of America Merrill Lynch
X9 Workgroups
Language of the Standard Chair John Scully, Bank of America Merrill Lynch
Co-chair Bill Lundeen, Proctor and Gamble
Wire Remittance Structure Chair Gina Russo, Federal Reserve Bank
Co-Chair Susan Colles, Bank of America Merrill Lynch
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AFP Survey
9
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� X9 Group Recognized the need for the “Voice of the Customer”
� Survey conducted April 2010 by David Bellinger of AFP Research
� Sent to 6,300 AFP members and 1,116 responded
� Results from corporate practitioners only
� Documented 600+ specific challenges with BAI2
� Included New Code Suggestions
AFP Survey to Document Corporate Concerns with BAI2
� Included New Code Suggestions
� Provided the “Business Requirements”
� Published as “Updating the BAI Codes for Information Reporting to Corporates”
� Available on the AFP website
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AFP Survey Results – BAI2 Challenges
1. Inconsistency
2. Too many BAI codes
3. Too many unused codes
4. Too many duplicate codes (e.g. 301 and 175)
5. Wrong BAI codes (e.g. 475 Check Paid for deposits 301)
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5. Wrong BAI codes (e.g. 475 Check Paid for deposits 301)
6. Overuse of “Miscellaneous” codes (e.g., 399, 699, 469 and 169)
7. Inconsistent coding by banks for adjustments and fees
8. Status/Summary not used the same across all banks and are confusing
9. Inconsistent use of BAI codes for US versus non-US transactions
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� The 2 green highlighted rows indicate the only consensus.
� Example of potential Detail Codes for an incoming “Cross Border Payment”
Problem Illustration (identified by X9 group)
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� Payments industry has evolved – BAI2 no longer effective
� Evolution naturally led to customization – resulted in large disparities between banks
� Disparities made it very difficult to automate data importation to internal systems—
the central purpose of the standard!
� Changes are clearly warranted – need to eliminate out of date codes to reduce
confusion, bring greater consistency
AFP Survey Conclusions
confusion, bring greater consistency
� All delivery channels for BAI2 (file transfer, web portal, e-banking platform, secure
e-mail) should be considered when developing the new standard
� Need to balance desire for flexibility vs. full automation
�,
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Formulating the New
Balance and Transaction Reporting Standard
(BTRS)
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1. Goal: Standardization Across Banks to Enable Straight-thru Processing
2. Be Consistent!
� Account Balances – Prior day and Current day
� Transaction Detail Code Assignments
� Transaction Summary Code Associations
What are the Needs?
3. Eliminate Unused and Duplicate Codes
4. Provide Clear Descriptions
5. Accommodate Non-US Transaction Types
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Guiding Principles
1. The Survey Results direct the decisions
2. Establish a Simple Process to Request New Codes
3. Put codes and descriptions into Global terms – align with ISO 20022
4. Facilitate navigation between BTRS and SWIFT and ISO
5. Identify primary detail codes (e.g. 195/495) and secondary codes (e.g., 206/208)
6. Complete “Lifecycle” Codes – Core, Rejects, Returns, Adjustments, & Fees
16
6. Complete “Lifecycle” Codes – Core, Rejects, Returns, Adjustments, & Fees
7. Ensure transaction types have credit and debit representation
8. Make new codes as backwards compatible as possible
9. Try not to repurposed existing codes
10. Stop practice of coding everything as miscellaneous
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BTRS Status Codes
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BTRS Detail & Summary Codes – Example of ACH
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Highlights
� Each Detail Code assigned to a Summary Code
� Detail Codes: Business Purpose, Description and Definition
� Associated of each Detail Code to ISO & SWIFT Codes
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Language of the Standard
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The New Face of BAI2 - Introducing BTRS
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New FRB & CHIP Wire Payment Format Structured Remittance Fedwire & CHIPS Tag STANDARD
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New Method to Include Batch Detail
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Goal: Provide a standard method to report items within batch deposits (e.g., ACH & Lockbox )
Solution: Creation of new Record Types: 89 Batch Detail Record
90 Invoice Detail Record
Example: A $600.00 Deposit to Lockbox 1234 that has 3 Remittances ($100, $200 and $300),
where each Remittance has one or more Invoices.
22
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Implementing BTRS
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User Impacts - A BTRS file will still look like BAI2!
1. You must follow the Standard to call it BTRS
2. What does NOT change:
� 01, 02, 49, 98, 99 Records
� No new positional fields
� Syntax
3. In the 03 Account Record:
– Certain Balance fields must be present
24
– Certain Balance fields must be present
– Mandatory Inclusion of total credits and total debits
4. BAI2 to BTRS Code Remap:
– Deleted Detail Codes using the Technical Implementation Guide
– Summary Codes associated to each Detail Code
5. Allow for Local Language (UTF8/Multi-byte Characters, e.g., Chinese)
6. If you want a new code, then go to the X9 website and request it!
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Resources
X9 Member Website http://www.x9.org/home/
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Requesting New BTRS Codes & Procedures to Review and Publish
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A Corporate Perspective
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Resources
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X9 BRS Workgroup Representation http://www.x9.org/home/
Accredited Standards Committee X9, Inc.
All My Papers
Association for Financial Professionals (AFP)
Bank of America
Citigroup, Inc.
NACHA The Electronic Payments Association
NCR Corporation
Procter & Gamble
S1 Corporation
Standard Register Company
X9 Code List Subcommittee Membership
Citigroup, Inc.
Federal Reserve Bank
Fiserv
Independent Community Bankers of America
Jack Henry and Associates
J.P. Morgan
M&T Bank
Metavante Image Solutions
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Standard Register Company
Sterling National Bank
SWIFT/Pan Americas
Symcor Inc.
The Bank of New York Mellon
The Clearing House
U.S. Bank
University Bank
Wells Fargo Bank
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AFP Questionnaire http://www.afponline.org/PressReleases.aspx?id=15265
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FRB Financial Services Documentation – Wire Remittance Websitehttp://www.frbservices.org/campaigns/remittance/index.html
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Questions?
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