CB.Net, a leading reference data provider, today announced it has added SWIFT-enabled routing Bank Identifier Codes (BICs) to its international payments directory BankSearchPlus, part of the CB.Net Payments Reference Data Service (PRDS).
The move will ensure CB.Net's global client base has access to the international payments reference data 'golden copy' to meet the requirements of the Single European Payments Area (SEPA) and significantly reduce cross-border transaction costs.
Ian Dunning, managing director, CB.Net, comments: "From January 2008, International Bank Account Numbers (IBANs) and Bank Identifier Codes (BICs) are required on all payment instructions within the Eurozone. However, there are circa 6,000 banks within the SEPA zone that are not connected to SWIFT and who use third party correspondent banks to route payments via SWIFT on their behalf. The complex nature of payment routing, therefore, adds to the data management challenge of realising SEPA."
Dunning continues: "Financial institutions need to act now to introduce procedures to link IBANs to the correct SWIFT-enabled routing BICs (and not just the BIC that identifies the bank where the IBAN is held) at the point of transaction. CB.Net's PRDS enables organisations to access the relevant payment data for the secure and timely completion of each transaction, and to minimise error rates and transaction costs."
CB.Net's PRDS will provide the SEPA-compliant payment data in a range of formats, according to an organisation's requirements. The SWIFT-enabled routing BICs have been added to CB.Net's international directory, BankSearchPlus (BSP) and BankSearchPlusOnline. This is continuously updated and offers identifying BICs, Standard Settlement Instructions (SSIs), CHIPS and national clearing codes. BSPOnline provides a user-friendly interface allowing organisations to check IBANs against identifying BICs and SWIFT-enabled routing BICs.
The SEPA Directive will introduce uniform cross border payments from January 2008. It requires all financial institutions within the area to provide identifying BICs and International Bank Account Numbers (IBANS) when making payments.