The Hub Alliance, the organisation that inter connects electronic data hubs, is pleased to announce that it will interoperate on the basis of TWIST standards and will accept messages from clients based on TWIST standards. Both the Hub Alliance and TWIST aim to close the gaps for automation in the physical and financial supply chains and to release the enormous value locked up in disjointed paper-based processes.
The Hub Alliance members, actively participate and are represented in the working groups for the development and maintenance of TWIST standards. The members will ensure that the TWIST standards can be kept in line with those currently used for the inter-connectivity for the thousands of documents already passing between buyers and sellers that use different service providers that are part of the consortium.
"One of the main aims of interoperability is to remove the barriers to adoption and to encourage the use of electronic data" said Neil Baker on behalf of the Hub Alliance, "In that respect, openness and ease of use are key ingredients, and we are pleased to support and endorse the TWIST standards as a means of making electronic trading easier for all their customers, thereby extending the marketplace. Open trading is then achieved at lower cost and in a shorter time."
Tom Buschman, Chairman of TWIST, commented: "The members of the Hub Alliance have already provided a significant contribution to the supply chains standards for ordering, invoicing and dispute management that were recently incorporated in the 3.0 release of TWIST. We welcome the continued commitment of the consortium members. We are encouraged by the public commitment of the consortium members to apply the TWIST standards as the basis for interoperability between their platforms and their pro-active support for electronic communication with their customers based on our standards. This is a significant step towards the integration of wholesale electronic invoicing with electronic payments based on the XML standards developed by IFX, OAGi, SWIFT and TWIST under the ISO 20022 umbrella."
About TWIST Process Innovations Ltd (www.twiststandards.org)
The Transaction Workflow Innovation Standards Team (TWIST), led by an executive team drawn from across the industry, is a not-for-profit industry group of corporate treasurers, fund managers, banks, system suppliers, electronic trading platforms, market infrastructures and professional services firms. The primary aim of the TWIST organization is to connect the financial supply chains to the physical supply chains to release the enormous value locked up in disjointed paper-based processes. To achieve this, TWIST rationalizes financial industry standards by creating user-driven, non-proprietary and internally consistent XML-based standards for the financial supply chains. TWIST covers wholesale financial market transaction processing, order management, e-invoicing and payment processing, bank account opening and closing, billing of bank services, credit management, supply chains financing plus identity management and security. TWIST also participates in the management of the ISO 20022 standards for financial markets aiming to make this the umbrella for its comprehensive suite of standards.
About the Hub Alliance (www.huballiance.org)
The Hub Alliance is an open, voluntary organisation, whose members Asite, Burns and Causeway encourage the participation of other exchanges to interoperate and process documents on behalf of their combined customer base. Major companies, including Alfred McAlpine, Balfour Beatty, Office Depot, BAA, Select Plant Hire, Jewson and The Gap Group, have all achieved greater automation and support the Hub Alliance as a major development making e-trading within their supply chains more effective.
For more information, please contact:
Asite Solutions Ltd.
marketing@asite.com
+44 (0)207 749 7895
Asite Insights in your inbox.
Sign up for product news and our latest insights published monthly. It's a newsletter so hot, even global warming can't keep up.
