CB.Net Reference Data

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 oursourced payments reference data service. The new CB.Net Payments Reference Data Service (PRDS) will effectively all financial institution to outsource management of their payments data, offloading to CB.Net such function as sourcing, verifying, validating and normalizing for the 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 end volumes of secure accurate payments data they currently are required to handle.

Additionally, CB.Net says, the new service provides a tailored capability. This means that the fucntions 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, "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 payments 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