CB.Net to Support Priority Payments Initiative Throughout SEPA
CB.Net, a leading reference data provider, today announced that it has been selected to be the official registry provider for the Euro Banking Association’s (EBA) Priority Payments Scheme (PPS). The PPS Central Repository will be the official registry of banks that have committed to the PPS Business Rules, which aim to enable payments to be credited to client accounts within four hours.
CB.Net has developed a centralised repository for the EBA Priority Payment Scheme. The scheme has been developed to offer urgent intra-day, single credit transfers for corporate and retail customers. The enhanced payment transfer service guarantees end-to-end processing of single credit transfers within four hours, instead of the standard three day transaction period for European cross border payments.
The PPS Central Repository provided by CB.Net will enable originating banks to confirm which recipient banks are registered and participating in the Priority Payments Scheme.
The EBA Priority Payment Scheme, developed with 26 pilot banks from 12 European countries, will be trialled during the next six months to ensure its processes run smoothly. The scheme will be officially launched on 1 January 2008. Participation in the scheme is open to any bank operating in the Single Euro Payments Area.
Andrew Foulds, client services manager, CB.Net, comments: “The ability to select a bank that can accept a priority transfer will help participant banks to derive value from the scheme and ensure faster payments, and consequently assist in improving customer service and satisfaction levels. CB.Net is supporting the scheme’s processes by providing the Central Repository which will underpin the scheme.”
Banks who have accepted the PPS Business Rules will be able to register their participation in the scheme via the EBA PPS Central Repository website. The database will be available through a lookup tool on the web or by direct download from the site.
Rik Wanders, senior consultant new business initiatives, EBA, adds: “Banks are working to meet the requirements of SEPA, which aims to harmonize payments across borders, and this scheme is an essential step towards meeting the objectives of the Directive. SEPA represents an opportunity for banks – by offering the ability to send and receive urgent payments at a national and pan-European level, banks can create a new revenue source from new products and services.”
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