IntraNet and CB.Net partner to provide payments directory for STP
11 October 2004 | 1628 views | 0
IntraNet, Inc. 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 IBANSearch which validates and links IBANs to the issuing banks; and BIChistory.
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," says 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," says 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."