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

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

Upcoming Webinar: FRTB: What still needs to be done before the global deadline of January 2023?

Date: 8 March 2022 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes While implementation of Fundamental Review of the Trading Book (FRTB) regulation has been delayed twice for reasons first of complexity and second of the coronavirus pandemic, the final deadline of January 1, 2023 is less than a year away....

BLOG

Knowledge Graph Technology – A Game Changer for Data Management in Capital Markets

Early identification of use cases that provide a focal point for the implementation of knowledge graphs is essential to successful projects, according to a panel of experts speaking at a recent A-Team Group webinar. The webinar discussed the benefits and pitfalls of implementing knowledge graphs, including how to build, sustain and maintain them, use cases,...

EVENT

ESG Data & Tech Summit 2022

The inaugural ESG Data & Tech Summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...