Banks need vĩ đại keep track of large volumes of transactions, as millions of people send and receive money electronically via payment methods lượt thích ACH, RTP, and wire transfer. BAI2 files help them tự so sánh, by providing specialized sets of codes that identify the trương mục activity or balance being reported. This data is then used vĩ đại update ngân hàng statements and give customers visibility into available funds, pending transactions, and more.
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As long as ngân hàng accounts have existed, customers have wanted transparent insight into what goes in and out of their trương mục. In the past, banks developed custom formats vĩ đại import their customers’ ngân hàng statements into the system and reconcile payments and receipts, allowing individuals vĩ đại compare their personal trương mục records with the bank’s records.
To ensure that customers had a consistent experience from ngân hàng vĩ đại ngân hàng, the Bank Administration Institute (BAI) developed a standardized data format vĩ đại avoid incompatibility when comparing statements from different banks.
Each transaction, summary, or balance classification is assigned a uniform type code. The three-digit type code identifies the activity or balance being reported. Banks can then pull this information programmatically, using code, vĩ đại display trương mục activity vĩ đại users.
Who uses BAI2 files?
BAI2 files are primarily used by banks vĩ đại share information vĩ đại customers or trương mục holders. Typically, banks import a new BAI2 tệp tin every day with posted transactions, and additionally throughout the day with pending transactions. As a result, they are able vĩ đại display accurate information about trương mục activity vĩ đại their users on a consistent basis.
Accounting systems lượt thích Enterprise Resource Planning (ERP) and software tools lượt thích Modern Treasury also rely on BAI2 files for insight into transactions and trương mục activity. For example, say Popcorn Bank sends BAI2 files vĩ đại an trương mục holder named Butter. Butter can then import the files vĩ đại their bookkeeping application, read the data, and perform ngân hàng reconciliation if necessary. Butter can also use this information vĩ đại display relevant trương mục information vĩ đại their customers.
It’s important vĩ đại note that these use cases are among the most common, considering BAI2 files are not particularly readable or useful for everyday consumers.
The origins of BAI Files
In 1971, the BAI created the Lockbox Communications Standards for Banks, a reporting standard exclusive vĩ đại lockbox services—or services designed vĩ đại expedite paper-based payments and provide timely payment information vĩ đại update trương mục records.
This standard was not updated consistently, paving the way for the original BAI format in 1980. In collaboration with various U.S. banks, the Bank Administration Institute released the BAI1 Cash Management Balance Reporting Specification. While some banks still use this standard, it was mostly discontinued after 1990.
In 1987, the original specifications for the BAI1 tệp tin format were replaced by BAI2—and this tệp tin format has evolved throughout the years vĩ đại include new codes for different transactions. It is now widely accepted by banks across the country.
How does Modern Treasury use BAI2 Files?
Throughout the day, Modern Treasury communicates directly with banks vĩ đại request BAI2 files. Once the ngân hàng sends the files, Modern Treasury imports them vĩ đại their own system and pulls relevant data about trương mục activity vĩ đại display vĩ đại clients.
BAI2 files enable accuracy vĩ đại give merchants processing payment transactions—not vĩ đại mention their customers—the most accurate data possible.