BAI (file format)
Encyclopedia
BAI, or the BAI file format, is a colloquial term used to describe a file format
for using to perform electronic cash management
balance reporting. The BAI format was developed and previously maintained by the Bank Administration Institute
(BAI). One common application of the BAI format is for use by banks to transmit returned item data to customers (for example, checks which have been marked insufficient funds (NSF)). The current release is Cash Management Balance Reporting Specifications Version 2, typically referred to as BAI2.
In 1980, BAI, working with various U.S.
banks, released BAI1, the Cash Management Balance Reporting Specification, Version 1, the first release of cash management balance reporting specifications. Some banks still use BAI1, but BAI discontinued formal support after 1990.
In 1987, the original specifications were replaced by BAI2.
In 2001, the BAI2 specifications were updated to include new codes for lending transactions.
Since the user base of the BAI format has reached critical mass
and is considered self-supporting, BAI no longer actively supports (or charges for) the BAI format specifications, which are now freely available as a 104-page PDF document. http://www.bai.org/about-bai/reporting-codes.aspx
SWIFT (the international financial industry messaging cooperative) maintains the official list of worldwide currency codes as used with BAI2. (Appendix B of the BAI2 specifications mirrors the list as of June 2005.)
In 2008, the Bank Administration Institute transferred copyright
ownership of the BAI file format to the Accredited Standards Committee X9, Inc. - Financial Industry Standards (ASC X9)- www.x9.org. As of early 2009, the document is being revised by an X9 committee made of bankers and corporate members to become an American National Standard. ASC X9 is accredited to develop American National Standards for the financial services
industry since 1984.
File format
A file format is a particular way that information is encoded for storage in a computer file.Since a disk drive, or indeed any computer storage, can store only bits, the computer must have some way of converting information to 0s and 1s and vice-versa. There are different kinds of formats for...
for using to perform electronic cash management
Cash management
In United States banking, cash management, or treasury management, is a marketing term for certain services offered primarily to larger business customers...
balance reporting. The BAI format was developed and previously maintained by the Bank Administration Institute
BAI (organization)
BAI is Bank Administration Institute and BAI Center, a leading professional organization for the financial services industry, especially in the United States.-Organization:...
(BAI). One common application of the BAI format is for use by banks to transmit returned item data to customers (for example, checks which have been marked insufficient funds (NSF)). The current release is Cash Management Balance Reporting Specifications Version 2, typically referred to as BAI2.
History
In 1971, BAI created a precursor to the BAI format called the Lockbox Communications Standards for Banks, which supported reporting only for lockbox services. This standard was never updated and was eventually superseded by the BAI format.In 1980, BAI, working with various U.S.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
banks, released BAI1, the Cash Management Balance Reporting Specification, Version 1, the first release of cash management balance reporting specifications. Some banks still use BAI1, but BAI discontinued formal support after 1990.
In 1987, the original specifications were replaced by BAI2.
In 2001, the BAI2 specifications were updated to include new codes for lending transactions.
Since the user base of the BAI format has reached critical mass
Critical mass
A critical mass is the smallest amount of fissile material needed for a sustained nuclear chain reaction. The critical mass of a fissionable material depends upon its nuclear properties A critical mass is the smallest amount of fissile material needed for a sustained nuclear chain reaction. The...
and is considered self-supporting, BAI no longer actively supports (or charges for) the BAI format specifications, which are now freely available as a 104-page PDF document. http://www.bai.org/about-bai/reporting-codes.aspx
SWIFT (the international financial industry messaging cooperative) maintains the official list of worldwide currency codes as used with BAI2. (Appendix B of the BAI2 specifications mirrors the list as of June 2005.)
In 2008, the Bank Administration Institute transferred copyright
Copyright
Copyright is a legal concept, enacted by most governments, giving the creator of an original work exclusive rights to it, usually for a limited time...
ownership of the BAI file format to the Accredited Standards Committee X9, Inc. - Financial Industry Standards (ASC X9)- www.x9.org. As of early 2009, the document is being revised by an X9 committee made of bankers and corporate members to become an American National Standard. ASC X9 is accredited to develop American National Standards for the financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
industry since 1984.