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Other Administrative
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FISD working group seeks consumers' input on Billing & Invoice Recommendations
The broad objective of the Billing & Invoicing Working Group (BIWG) is to identify the billing practices, specifications, and processes that can be standardized to the benefit of all parties to the billing process. These recommendations consist of three components: suggested best practices, a recommended data model describing desired billing elements, and a sample invoice that utilizes many of the recommended data elements. For market data consumers, adoption of these recommendations should reduce the time, resources, and errors associated with processing invoices. For invoice providers like exchanges and vendors, adoption of the recommendations will lead to more timely payment as customers are able to process invoices more quickly and accurately.
Prior to finalizing these recommendations and providing them to the exchanges and vendors that are the sources of market data invoices, the B&IWG is reaching out to prominent financial institutions to get their feedback.
We are seeking three things:
1) Review and understanding of the recommendations;
2) Comments on the recommendations – both their substance and the prioritization among the various recommendations;
3) Public support for these recommendations
Best Practice Recommendation Document
Billing Elements Data Model
Sample Invoice
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