enhances payments system

Source:, the leading provider of reference data for payments, due diligence and risk assessment announced the launch of an enhanced payments solution.

The announcement centres on developments made by the reference data provider to its settlement data and IBAN Search which will enable users to process payments transactions more efficiently. now identifies SSIs for banks operating multiple settlement centres to make it easy for users to process payments accurately to the correct geographic or functional area of the counterpart bank. The reference data provider operates a 90 day update cycle for banks' SSI lists along with the settlement codes required for confirming payments. The universe of categorised SSIs on covering commercial payments, foreign exchange and money markets is now in excess of 112,000.

As a provider of accurate and up-to-date information on financial institutions worldwide,'s IBAN Search is an integral part of its payments solutions. The new version of the IBAN Search features the ability to identify the location of the issuing bank of an IBAN even when the IBAN is invalid, plus the inclusion of additional branch details such as the settlement codes issued with each IBAN. has also extended its coverage of critical payments data by highlighting the principal or owning location of a settlement code, together with clear links to those bank offices that also share the same code.

Ben Cleaveley, Senior Product Development Manager at states, "These enhancements represent a significant step forward for both ourselves and the marketplace in terms of IBAN validation and IBAN confirmation as well as both international and domestic settlement. All of the developments we'll be introducing at SIBOS are matched strongly against our clients current and future requirements for payments data that contributes to the efficiency and effectiveness of their operational activities. I would urge anyone interested in payments oriented reference data to come to the stand at SIBOS. It will be a g a great chance to learn about the latest developments we've introduced as well as the perfect opportunity to discuss our future plans for the payments offering."

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