Accuity, the global leading provider of payment routing data, AML screening software and services, today announced that it has acquired 100% of London-based CB.Net, a reference data provider for the global banking community.
The acquisition, which is effective immediately, brings together two of the world's largest payment data providers. Thousands of financial institutions and corporates worldwide already rely on Accuity and CB.Net to improve rates of payment straight through processing (STP).
The acquisition will significantly bolster Accuity's existing customer base of over 15,000 clients in 150 countries and create the largest, most comprehensive payment data provider worldwide.
"Merging CB.Net's strength in the European market, particularly its strategic partnerships with the European Payments Council (EPC) and the Euro Banking Association (EBA), with Accuity's well-respected history and unrivaled product portfolio will deliver immediate value to both firms' current and prospective customers," said Hugh M. Jones, President of Accuity.
"The combined company represents a formidable presence in the global payments industry and will deliver additional value and services to financial institutions worldwide. Accuity is now the authoritative source for all global payment data and sets the standard for the industry."
The combined company's market-leading payments products include
The Global Banking ResourceTM, Global Payment FileTM and IBAN File by Accuity and CB.Net's BankSearchPlusTM, BroadcastAlertTM and BroadcastSearchTM. These products offer a wide range of cri tical payments data including SWIFT/BICs, active and inactive national clearing codes, Standard Settlement Instructions (SSIs), SEPA Credit Transfer Adherence Participants and IBAN routing information
"Since establishing CB.Net in 2000, we have strived to provide the payments industry with the highly coveted 'golden copy' of reference data - a trusted set of data for managing all aspects of payment STP within one organisation. This merger makes that goal a reality." said Ian Dunning, Managing Director of CB.Net. "I am looking forward to the new opportunities that this merger provides and the new capabilities that it delivers to the marketplace and our partners."
"As one company, Accuity and CB.Net offer the best single source of payments data, more solutions and greater flexibility to the marketplace," said Jones. "Together, we will immediately begin the work of building even stronger solutions to better serve the payment operations of banks and corporates globally."