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Article: Let's Talk: Banks, Clients Seek Uniform BAI Code; The data connections linking cash management services and companies' treasury systems are frequently customized and costly to maintain or change. U.S. banks are finally responding to calls for new reporting standards.
- Article from:
- US Banker
- Article date:
- November 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Glen Fest
1,122099999,123456789,040621,0200,1,55,,2/.
Even if you don't understand this, your back-office cash management software should. It's a mainframe-based transactional record (a sample version, of course) that ferries remittance and other types of data - debit/credit amounts, item counts, funds type, account numbers - between banks and corporate treasury operations.
Based on a decades-old Banking Administration Institute (BAI) messaging format, they're good for most cash management reporting and reconcilement needs for handling services like lockbox and positive-pay.
But there is an Achilles heel or two with them. These ...