ACE Software Solutions and CB.Net Announce Joint STP Solution
SIBOS - Atlanta, Georgia, USA - October 12, 2004
Reference data provider CB.Net has signed an agreement with ACE Software Solutions (ACE) to deliver its critical payment data via ACE's straight through processing solution - STP Toolkit™
Using ACE's STP Toolkit™ this new joint alliance will be enhancing the STP rate dramatically for existing and new clients by providing a reliable and constant stream of consistent and robust reference data.
Al Danino, Commercial Director at ACE said, "It is an accepted fact that probably the last barrier to STP is the availability of clean and up to date reference data. CB.Net is a natural partnership opportunity for us as an STP software solution provider. The combination of our software and CB.Net data means that financial institutions can further realise cost savings and processing efficiencies and in so doing increase their levels of STP."
Ian Dunning, Managing Director at CB.Net, said, "This joint sales program marks an important turn in how CB.Net approaches the market. In working with an established software solution provider like ACE, we believe that our already successful BankSearchPlus™ can and will be used to greater effect in improving the STP rates for our clients."
CB.Net's flagship product, BankSearchPlus™, is the definitive international payments directory, delivering critical operational data in one source direct to the back office. BankSearchPlus™ contains over 77,000 Standard Settlement Instructions (SSIs) linked to 8,500 BICs and national bank sort codes for over 60 countries. Other BankSearchPlus™ components include IBAN2BIC which validates and links IBANs to the issuing banks; and BIChistory™
About STP Toolkit™
Intelligent message repair is a key feature of the STP Toolkit™, it is in fact an STP Enabler, the key to achieving significantly improved STP rates. Some of the key benefits of STP Toolkit™ include:
- ROI < 6 months - offers the ability to gain substantial returns on investment by high-level of cost savings, revenue generation and processing efficiency.
- Cut your exception processing costs - by enhancing your ability to process and automatically repair messages.
- Improved levels of service - you can provide an improved service to your clients (e.g. you can accept messages in their formats rather than dictate to them how they should send messages to you).
- Save money on back charges - better quality outbound messages will reduce the back-charges you pay to other Financial Institutions.
- Increase the levels of business you can handle - your message processing capabilities will increase allowing you to handle more business.
- Better management of "Charge-backs" - gives you the optional capability to identify "worse offenders" and charge them accordingly or you can educate them.
- Improve knowledge retention - the solution maintains details of the specific messaging problems encountered and where these problems originate.
- SMPG Compliance: STP Toolkit offers full compliance to the SMPG Compliance requirements for 25 countries.
- Plug and Play Functionality: ACE product modules allow for a low lead-time in deployment.
STP Toolkit™ will deploy the data in BankSearchPlus™ directly into the back office system by using it's advanced Natural Language Processing (NLP) and Artificial Intelligence technologies to streamline the data flows into the financial institution's Back office systems.
About ACE Software Solutions
ACE Software Solutions is a world leader in message and data content-based STP solutions. ACE's solutions enable financial organizations to leverage ACE's proven expertise in Artificial Intelligence and Natural Language Processing and to successfully tackle every aspect of financial message processing right from Message Enhancement and Repair to Message Traffic Analysis and AML. ACE has offices in London, New Jersey, and Bombay. - www.acesw.com
ACE contact: Stephen Hughes shughes@acesw.com
