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Billing Statements & Processes

Billing Statements & Processes

ISLA continues to support the use of automated vendor solutions as best practice for billing delivery and reconciliation. Best practice for producing billing statements is to use one of these automated vendors. Market participants can source the billing statements directly from the vendor platform at any given point of time. This will facilitate more automated reconciliation and easier manual annotation and review by operations staff. (IBP-156 AGREED IN 2017)

File Types

Files will be able to feed into one-sided billing reconciliations offered by automated vendors, offering the party who has signed up to the vendor a similar standard of billing reconciliation product that they receive in a fully automated billing comparison. Bills can if required, be exported from the Vendor in a format of choice (Excel, PDF) (IBP-157 AGREED IN 2017)

File Content

Market vendors are able to provide standardised file formats. If agreed on a bilateral basis the Lender would need to include the following in their Bill:
- Loan Reference
- Asset Id/ISIN
- Asset name
- Trade ref
- Collateral type
- Start date
- End date
- Days accrued
- Quantity
- Price
- Rate
- Accrual
- Currency (IBP-158 AGREED IN 2017)

Bill Issuance

Final bills should be issued within the first 7 business days of the month. Identification of disputes must be completed within the following 7 business days (14th business day of the month). On bill agreement funds should be received and the bill closed out within 24 hours. At the end of the first 14 business days any undisputed items should be paid. (IBP-159 AGREED IN 2017)

Discrepancy Reconcilation

If after bill issuance there is a dispute, the billing teams will liaise with the relevant area for resolution and timely bill agreement. (IBP-160 AGREED IN 2017)

Day Basis




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