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Transaction Workflow Innovation Standards Team is a not-for-profit industry standards group. It does not charge anything for involvement. The main goal of Twist is to create non-proprietary XML message standards for the financial services industry. To this end it provides a message format validation service.
Its focus on financial transaction processing covers the aspects of:
The focus of these combined standards is to create and improve straight-through processing. As any STP system of systems will invariably involve many market participants such standards are essential for success. Twist provides a check-list for ensuring STP is implemented in accordance with its standards. The word ‘standards’ is used rather than protocols as Twist endeavours to also define business process best practices. Such practices are typically implemented in a workflow, or business process management system. Considerable emphasis is placed on how to handle exceptions so that as much traffic can be handled automatically with as little as possible going to manual intervention. One major standard introduced by TWIST is the Bank Services Billing Standard.