Billing Statements & Processes

Billing

Status: Under Review, Last Updated: 09/11/2020

Introduction
The collection of income for lending securities is managed through a process commonly referred to as billing. (IBP-157)

Billing

Status: Under Review, Last Updated: 09/11/2020

Delivery
Where counterparts agree to use a vendor platform, the vendor will advise on content and format to be supplied.

Where the party supplying details does not use a vendor, see ISLA Best Practice Billing format July 2009.pdf. (IBP-156)

Billing

Status: Under Review, Last Updated: 23/11/2020

Discrepancy Reconciliation
Counterparts should reconcile billing invoices in a timely manner to identify any issues requiring remediation. Any identified issues should be communicated to the other counterpart, detailing the issue and supporting data to explain and propose a correction. Counterparts, as part of their on-boarding process, should have clear escalation pathways should timely remediation not be possible.

It is also recommended that, during the reconciliation process, if both parties are using a market vendor tool, the functionality offered by that vendor should be fully utilised.
For example, use of comment functionality will greatly improve any required remediation. (IBP-160)