Intranet and CB.Net Ltd Partner to provide an integrated international payments directory for STP
(NEWTON, Mass. - October 11, 2004)
IntraNet, Inc. (Nasdaq: TSAI), a leading international provider of payment processing solutions, today announced an agreement with CB.Net Ltd. to distribute CB.Net's BankSearchPlus™ product to financial institutions. BankSearchPlus will be integrated with the Money Transfer System™ (MTS™), offered by IntraNet.
MTS is a global payments and messaging processing engine providing RTGS connections, low value payment, and automated SWIFT/Telex message processing.
BankSearchPlus is the international payments directory delivering critical operational data in one source - both as a Web based query tool and as a data feed - directly into back office systems. BankSearchPlus contains over 70,000 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 BIChistoryTM.
Banks continuously find themselves working with flawed and inaccurate data for payments leading to failed payments, message repairs, significant cost and delivery delays. By tightly integrating the BankSearchPlus international payments directory with the MTS payments system, IntraNet's customer base will be able to achieve a significantly higher Straight Through Processing (STP) rate for their outgoing international payments.
"CB.Net has certainly been successful with its Web based reference data query tool and currently has over 300 customers," said Dennis Jorgensen, chief executive officer of IntraNet. "We are excited about integrating this reference data as part of the message validation within the MTS payment system. A key goal for IntraNet is to provide tools to help our customers increase their STP rates and we view the CB.Net/MTS integrated service as another example of our commitment to achieve this goal.."
"This agreement marks the start of our new approach to the back office," said Ian Dunning, managing director of CB.Net. "Through IntraNet's already impressive payment systems network, we will provide authoritative, critical reference data to enhance the STP IntraNet currently provides. Together we will offer a system to increase cost savings, improve payment efficiency and help resolve customer issues such as those surrounding IBAN."
IntraNet and CB.Net are exhibiting at the Sibos 2004 conference in Atlanta October 11 - 15, 2004. Sibos is the premier international event for financial institutions. IntraNet is at booth D065 and CB.Net is at booth G140. About CB.Net Ltd.
CB.Net is a data provider dedicated to the delivery of reference data solutions to the global banking community. Established in June 2000 by a group of bankers and IT professionals. London-based CB.Net recognises the importance of reliable reference data in being a major contributor to cost savings and greater efficiency in international payments and compliance requirements. CB.Net has an impressive portfolio of clients in over 30 countries, including leading bank groups. Visit CB.Net at www.cbnet.info.
About IntraNet, Inc.
IntraNet, Inc. is the industry leader in international payments processing solutions for financial institutions. IntraNet's PaymentWare® suite of software products provides maximum performance and dependability in highly complex and real-time wholesale financial environments, including large value and bulk file payments processing. Some of the world's largest financial institutions use IntraNet software to move money, settle multiple currencies and streamline back office operations. The success of IntraNet's solutions reflects 25 years of real-time and accounting experience in developing and delivering business-critical banking systems. IntraNet is a division of Transaction Systems Architects, Incorporated. Visit IntraNet at www.intranet.com .
