The solution is a direct response to meet the current demands of correspondent banks in the Eurozone and initiatives including EBA, STEP2 and TARGET2. By combining ACEâs robust software and CB.Netâs accurate international payments reference data, a product is now available to detect, normalise, validate and cross-check IBAN information against up-to-date BICs, National Codes and all IBANs in the creation of MT103 message types.
In addition, as a rule-driven message repair module, this IBAN solution allows for any type of customer-specific rule to be written using either, all the data extracted from the IBAN, or all the data retrieved (via IBAN processing) from the reference data files. For example, rules exist to allow the enrichment of a payment message in order to create a straight through message MT103+ instead of the more costly MT103.
Calling on CB.Netâs reference data â also available as BankSearchPlus* â ACEâs technology enhances MT103s to comply successfully with even the most stringent of STP guidelines.
Al Danino, Commercial Director at ACE said, "We know that if incorrect IBANs and BICs are used, the ordering client can face higher charges or incorrect payments. The beneficiary on the other hand can face delays or worse still, non payment. Our combined solution aims to mitigate against these risks"
Ian Dunning, Managing Director at CB.Net, said, "We believe that this joint solution to the problems financial institutions are facing today with the use of IBANs will be received well in the market. Together, we are offering a comprehensive and useful tool in the creation of MT103s and in a number of delivery formats."