About a-team Marketing Services
The knowledge platform for the financial technology industry
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: GDPR: How to build a data protection framework

Are you ready for the General Data Protection Regulation (GDPR)? With the GDPR deadline less than two years away, the pressure is on for organizations to understand how they will comply. Proper data management is part of the answer, but tying these efforts into a data governance framework to manage data protection is key to...

BLOG

Navigating the Complex New Sanctions Landscape: Webinar Preview

The criticality of sanctions to the armoury of international relations has been amplified over the past decade as geopolitical and trade tensions have intensified. Since Russia’s annexation of Crimea in 2014 and its attempted full-scale invasion of Ukraine in 2022, governments around the world have increased sanctions on nations and entities by 700%, according to...

EVENT

Eagle Alpha Alternative Data Conference, Spring, New York, hosted by A-Team Group

Now in its 8th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Hosted/Managed Services

The on-site data management model is broken. Resources have been squeezed to breaking point. The industry needs a new operating model if it is truly to do more with less. Can hosted/managed services provide the answer? Can the marketplace really create and maintain a utility-based approach to reference data management? And if so, how can...