CB.Net, a leading payments reference data provider, today announced its partnership with LogicaCMG to launch The SEPA Directory.
The directory offers essential payments data for organisations seeking to meet the requirements of the Single Euro Payments Area (SEPA). It provides financial institutions' payments data, including Bank Identifier Codes (BICs) and National Codes throughout the SEPA region, and an International Bank Account Number (IBAN) to BIC validation and link tool.
The SEPA Directory will allow financial institutions and corporates to validate payment coordinates for banks in the Single Euro Payments Area and ensure transactions are correctly routed.
The Directory will be powered by CB.Net's comprehensive and continuously updated payments data, providing financial institutions and enterprises with the information they need to ensure payments meet the requirements of the EU Directive on Euro payments, which come into force on 1 January 2008. The payments data will also enable organisations to improve payments efficiency and reduce transaction costs.
Simon Bailey, payments director, global financial services, LogicaCMG, comments: "Our recently published research into this issue has demonstrated a need for large numbers of banks and corporates to act now to manage the operational risks of implementing the new SEPA schemes. As part of our comprehensive set of capabilities and activities supporting the industry in delivering to the SEPA timelines cost effectively, we are delighted to be launching The SEPA Directory with CB.Net. This represents a major step in resolving practical issues in achieving reachability in the new SEPA environment and will substantially reduce the costs and risks to the industry."
Ian Dunning, managing director, CB.Net, comments: "Given SEPA's far-reaching implications and the complex nature of payments processing, a large number of organisations are unprepared for the fast approaching January 2008 deadline. In launching The SEPA Directory, LogicaCMG and CB.Net are leading the way in realising the objectives of SEPA - transparent and consistettent cross border EU payments. The SEPA Directory is a unique and invaluable resource for banks and corporates looking to bring their payment systems in line with the SEPA Directive and achieve Straight-Through Processing."