FISD releases Approved Billing & Invoice Recommendations

The broad objective of the Billing & Invoicing Working Group (B&IWG) is to identify the billing practices, specifications, and processes that can be standardized to the benefit of all parties to the billing process. These approved 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. We are encouraging public support for these recommendations.

              Best Practice Recommendation Document
              Billing Elements Data Model
              Sample Invoice
              Press Release: FISD Announces Billing and Invoicing Best Practices