About a-team Marketing Services
The knowledge platform for the financial technology industry

A-Team Insight Blogs

HSBC Selects Petra Financial for Payments Reference Data

Subscribe to our newsletter

HSBC has selected Petra Financial as a partner to provide a new tool that will allow the bank’s clients to validate BIC and IBAN details before the submission of a payment or, if required, to derive these details from a bank name, address and Basic Bank Account Number (BBAN), subject to counterparty verification. The tool, which is available to corporate clients either on a CD or online, has been dubbed Global Payments Directory BIC and IBAN.

The bank hopes that the tool will help its clients simplify cross border euro denominated payments and reduce repair fees, thus meeting the requirements of SEPA. It also claims that the solution will minimise the risk of payment delays or rejections.

Paul Nixon, senior product manager, financial institutions, global payments and cash management, Europe, HSBC Bank, explains: “The introduction of new standards in Europe has had an impact on many of our clients worldwide. For a variety of reasons, it has proved difficult for many of our financial institution and corporate clients to get hold of the information needed to complete a payment in accordance with the new standards. By teaming up with Petra Financial, we have been able to come up with a way of making it easier for our clients to achieve significantly higher STP levels.”

John Burton, marketing director for Petra Financial, says that the vendor and the bank have been discussing the project for four months. The vendor, which launched at last year’s Sibos, has been offering the tool online and it is the first time that it has been available on CD.

“We have signed nine clients to the Vortex service over the last year,” says Burton. “It is available in an online format or we can run it via a software as a service model.”
Europe is the focus of the vendor’s efforts in this space at the moment, he explains, as SEPA is driving banks to invest in the entity data space for payments validations. Petra Financial is also pushing its services in Asia, South Africa and the Middle East, but these markets require a different approach, according to Burton. “Europe tends to look at investments in this space as a method of reducing costs but Asia in particular looks at it as a method of improving customer service,” he says.

The vendor does have plans to expand into the US in the long term but this will not be in the near future, Burton concludes.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The Data Office at a Crossroads — AI Governance, Organisational Design, and the Evolving Mandate of the CDO

Who owns AI governance in a capital markets firm – and is the Data Office structured to bear that weight? These questions sit at the heart of A-Team Research’s latest findings, presented here for the first time: the combined results of two landmark surveys examining the role of the Data Office in AI governance and...

BLOG

Google Just Put a Price on Old Enterprise Data

By Jerry Caviston, CEO, Archive360. In August, Google was selected as the successful bidder in a $10 million auction for enterprise data from Spirit Airlines. The proposed sale still requires court approval, but the bid has already delivered a useful signal. Historical data can retain value long after the process that created it has ended....

EVENT

Data Management Summit London

Now in its 17th year, Data Management Summit (DMS) London returns In April 2027, to explore how to use data and AI to drive measurable business outcomes reliably, repeatedly and at scale.

GUIDE

Best Practice Client Onboarding

Client onboarding is central to the success of banks, yet it continues to present challenges and the benefits of getting it right are difficult to achieve. The challenges arise from siloed systems, manual processes and poor entity data quality. The potential benefits of successful implementation include excellent client experience, improved client acquisition and loyalty, new business opportunities, reductions in costs, competitive advantage, and confidence in compliance.