TS ISO 7341

TS ISO 7341 is a banking standard focused on the reconciliation of nostro accounts held with a financial institution, defining the data elements that must appear in related account statements and the format of that data. It also sets out rules for preparing, transmitting, and reconciling statements, including how references are to be handled, so that records can be matched more consistently between counterparties.

The nostro and loro relationship

In general technical usage, a nostro account is an account that one bank holds with another bank; from the other institution’s perspective, the same relationship is a loro account. These accounts are central to correspondent banking, cross-border payments, and foreign-exchange settlement. Reconciliation aims to confirm that statement details such as references, amounts, and dates identify the same transaction on both sides.

Data structure and reconciliation logic

The standard is concerned with which data belong in an account statement and how that information is organised. In practical banking operations, such rules support transaction matching, discrepancy detection, missing-entry investigation, and consistent exchange between different systems. Careful handling of references improves traceability across formats and helps reconciliation proceed more reliably.

• Defines the data elements to be included in account statements and their format.
• Provides rules for preparing, transmitting, and reconciling statements.
• Addresses the handling of references.
• Covers banking use of nostro accounts and the counterpart loro concept.