The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

CB.Net Sets Outsourced Service For Payments Data Management

Share article

London-based provider of descriptive data for the bank payments area, CB.Net, has introduced an outsourced payments reference data service. The new CB.Net Payments Reference Data Service (PRDS) will effectively allow financial institutions to outsource management of their payments data, offloading to CB.Net such functions as sourcing, verifying, validating and normalizing for data required for international cash payments.

CB.Net believes its approach will improve banks’ opportunity for achieving straight-through-processing, while at the same time reducing costs. It reckons PRDS alleviates the need for firms to commit valuable time and resources for management of the high volumes of secure and accurate payments data they currently are required to handle.

Additionally, CB.Net says, the new service provides a tailored capability. This means that the functions performed are in line with the needs of individual clients, rather than a one-size-fits-all approach. “The data is updated according to customer requirements,” according to CB.Net managing director Ian Dunning, “and available in the format of choice.” The service is also integrated with the main payments systems used in the marketplace.

As part of CB.Net PRDS, the company also provides access to the BankSearchPlus international payments directory, which uses official sources to continuously verify, update and deliver standard settlement instructions (SSIs). These are linked to the Swift Bank Identification Codes (BICs) and national clearing codes of 4,700 banks in 217 countries worldwide. BankSearchPlus also includes relevant payment channel information to optimize payment routing. BankSearchPlus validates and links International Bank Account Numbers (IBANs) to the issuing banks and provides a comprehensive BIC history.
CB.Net says PRDS was developed following extensive client research that sought to identify the most effective approach to managing international payments reference data.

Related content

WEBINAR

Recorded Webinar: Last minute preparations for SFTR: What still needs to be done and are we ready?

The regulation clock is ticking. Financial firms, especially those subject to Phase I of implementation, are well aware of the impending April 2020 deadline for the Securities Financing Transactions Regulation. The question is, are they ready? Tactical, i.e painful, approaches to compliance won’t be good enough. A strategic plan of attack is necessary to combat...

BLOG

Cloud Data Protection Specialist Clumio Teams up with Microsoft 365

Clumio, a California-based cloud-security start-up focusing on software-as-a-service (SaaS) for enterprise backup, has added Microsoft 365 to its secure backup-as-a-service, providing organisations running Microsoft 365 with a globally consolidated data protection service as the global coronavirus pandemic sees a rapid increase in ransomware attacks and email scams. The two-year old company, which in December 2019...

EVENT

Data Management Summit USA Virtual

Data Management Summit USA Virtual will explore how sell side and buy side financial institutions are navigating the global crisis and adapting their data strategies to manage in today’s new normal environment.

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...