X9C Corporate Banking Subcommittee – Project Status
This standard was published February 19, 2016 and was worked on by the BTRS Version 3 working group. The Balance and Transaction Reporting Standard established 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.
X9C BTRS Committee has updated the Detail and Summary codes to support the new Real Time Payment credit transfers. This new version supports Ultimate Parties and improvements to account, postal address and remittance information reported. In collaboration with The Clearing House and the Common Global Implementation Committee (CGI for ISO 20022), these codes become the standard in both BAI2 and BTR3 formats. The codes recognize Real Time Payments as a new payment method, separate from Wire and ACH, that allows BTRS/BAI2 users to report and reconcile them separately.
Potential Projects for X9C
X9C discussed the possibility of creating an inventory or catalog of electronic invoicing (e-invoicing) standards. This would be an effort similar in style and detail to TR 44-2013 Remittance Standards Inventory.