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

Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...

BLOG

ANNA and GLEIF Expand ISIN-to-LEI Mapping Service

The Association of National Numbering Agencies (ANNA) has further expanded the ISIN-to-LEI mapping service it provides in conjunction with the Global Legal Entity Identifier Foundation (GLEIF) to cover ISINs in an additional group of jurisdictions. The mapping service developed collectively by the GLEIF, ANNA and its National Numbering Agencies (NNAs) was launched as a pilot...

EVENT

Data Management Summit New York City

Now in its 10th year, the Data Management Summit (DMS) in NYC explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Corporate Actions USA 2010

The US corporate actions market has long been characterised as paper-based and manually intensive, but it seems that much progress is being made of late to tackle the lack of automation due to the introduction of four little letters: XBRL. According to a survey by the American Institute of Certified Public Accountants (AICPA) and standards...