25 August 2016
Find out more

Payments UK launches Sepa directory and open API

01 February 2016  |  6767 views  |  0 SEPA on textured background

Trade association Payments UK has launched a directory designed to make it simpler for anyone making cross-border payments into Britain to check routing data.

From today, a new rule means that Eurozone banks and Payment Service Providers (PSPs) can process Sepa payments using only a customer's Iban, meaning that they no longer need the Business Identifier Code (BIC) of the PSP they are intending to pay.

Although the rule does not apply to the UK until October, Payments UK has worked with Swift to build a Sepa Iban-only directory that provides PSPs with a way of deriving the BIC from the Iban, ensuring Eurozone firms have the information they need to route Sepa payments to British beneficiaries.

The directory can either be downloaded, integrated for access via an API into the end user’s back office systems, or accessed through the individual lookup facility, which is free to use from swift.com.

Maurice Cleaves, chief executive, Payments UK, says: "Payments UK has worked across the industry, with a wide range of stakeholders, both nationally and in Europe, to build a clever tool to support the introduction of this new regulatory change that comes into effect today.

"Our directory, which includes data for over 95% of UK Sepa reachable BICs, goes truly above and beyond, boasting a technologically superior offering. By incorporating open API criteria into the software, we are demonstrating the emphasis we place on making payments efficient - streamlining and simplifying processes for the end user - and harnessing the latest technology to help us in that regard."
KeywordsSEPA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

EPC publishes proposals for pan-European instant payments scheme

EPC publishes proposals for pan-European instant payments scheme

27 November 2015  |  12112 views  |  3 comments | 38 tweets | 35 linkedin
Payments UK sets out vision for 'world class' services

Payments UK sets out vision for 'world class' services

28 August 2015  |  10617 views  |  0 comments | 17 tweets | 11 linkedin
European ACHs form Sepa joint venture

European ACHs form Sepa joint venture

25 June 2015  |  10376 views  |  0 comments | 23 tweets | 17 linkedin
Finally, Sepa migration deadline day arrives

Finally, Sepa migration deadline day arrives

01 August 2014  |  8429 views  |  2 comments | 19 tweets | 21 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit equens.comVisit capgemini.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
7813 views 0 | 52 tweets | 43 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
6621 views 3 | 22 tweets | 12 linkedin
Teenager avoids conviction for CommBank DDoS attackTeenager avoids conviction for CommBank DD...
5984 views comments | 2 tweets | 3 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
5913 views comments | 17 tweets | 17 linkedin

Featured job

Find your next job