CB.Net’s Outsourced Solution Improves STP and Significantly Reduces Costs Associated with Traditionally Labour-Intensive Payments Arena
London, 22 June 2006 – CB.Net, a leading reference data provider, today launched the CB.Net Payments Reference Data Service (PRDS) to the global payments industry. The uniquely flexible solution will enable financial institutions to outsource the increasingly complex area of international payments data management, for improved Straight-Through Processing and reduced costs.
The CB.Net PRDS significantly reduces operational risk. The outsourced solution removes the need for financial institutions to commit valuable time and resources to the task of sourcing, verifying, validating, normalizing and updating the high volumes of data required for secure and accurate international cash payments.
In a break from the delivery methods currently available on the market, the CB.Net PRDS provides a tailored service, according to the requirements of individual customers.
Ian Dunning, managing director, CB.Net, comments: “Integrated into the market’s leading-edge payments solutions and supported by experienced industry professionals, the CB.Net PRDS offers a uniquely flexible approach to the complex world of international payments data management. The data is updated according to customer requirements and available in the format of choice.”
Available within the CB.Net PRDS, international payments directory BankSearchPlus uses the official sources to continuously verify, update and deliver Standard Settlement Instructions (SSIs). These are linked to the Bank Identification Codes (BICs) and national clearing codes of 4,700 banks in 217 countries worldwide. BankSearchPlus also includes relevant payment channel information to optimise payment routing. BankSearchPlus validates and links International Bank Account Numbers (IBANs) to the issuing banks and provides a comprehensive BIC history.
Dunning adds: "CB.Net's intelligent and accurate reference data solution, BankSearchPlus, has been hugely successful in enabling organisations to improve payments data STP. Now available within this flexible, outsourced framework, organisations of all sizes and global reach will be able to access the data in the most efficient way, according to their requirements.”
The enhanced offering follows extensive client research, which examined the most effective approach to managing international payments reference data. To support its global service, CB.Net has strengthened its sales team and customer support division with a number of new recruits and continues to increase its data coverage throughout the world.
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