CB.Net, a leading reference data provider today announced that it has been chosen by the European Payments Council (EPC) to provide and manage the centralised repository for the EPC SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes, referred to as the Register of Participants.
The Register will provide a list of financial institutions that have signed and agreed to adhere to the rules as set out by the EPC for these schemes. The schemes will be introduced from January 2008, with the Credit transfer launch date announced to be January 28th 2008. Both schemes form part of the EPC roadmap for the integration of SEPA within the banking community focusing on the continual improvement of end to end Straight Through Processing (STP) and clarification on clearing and settlements.
The schemes have been designed to harmonise and standardise European transactions for both direct debits and credit transfers. The SCT and SDD initiatives will eventually replace current schemes with common business rules, data sets and standards, thus allowing banks to become more competitive within the market, with new products and services, which is another aim of SEPA. The Register of Participants is the only official source of SEPA Adherence data that should be used by Banks to validate the compliance of counterparties, and will be available from through the EPC website, as well as being automatically integrated into the CB.Net’s BankSearchPlus and The S€PA Directory.
Stewart MacKinnon, Secretary General of the EPC comments “The Register of Participants will enable the financial community to realise the objectives of not just the SCT and SDD schemes but also of SEPA. With full access to participants, banks will be able to make informed choices in making payments to adhering institutions in SEPA. The Register will help financial institutions to achieve reachability.
Andrew Foulds, directory services, CB.Net, comments “ The EPC Register of Participants will underpin the SCT and SDD schemes as well incorporating the vision of SEPA. CB.Net is delighted to be working with the EPC towards the common goal of the Single Euro Payments Area. This is an exciting era we are entering for payments, and the Register of Participants will not only provide clarity for financial institutions but will also provide reachability for all involved within the SEPA regions.
Registration is now open and banks can register their participation to the schemes through the EPC adherence process.
CB.Net will also be highlighting the EPC Register of Participants at Sibos in Boston. Staff will be available to discuss the registration process, as well as the Register of Particiapants itself.
CB.Net also has recently been selected to provide the Euro Banking Association with the central repository for the EBA Priority Payments Scheme.
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