Accuity/CB.Net, the leading payment reference data, software and services provider today announced that it is working with IPSO to provide services to manage the National Sort Code (NSC) Directory.
Following the successful implementation of the EPC SEPA Register of Participants and the EBA Priority Payments Central Repository, Accuity/CB.Net has helped IPSO develop the new management system for its National Sort Codes database.
The NSC data includes bank sort code numbers and related bank branch information used by IPSO members in payment systems and clearing in the Republic of Ireland. The NSC database is available through a Web-search facility that offers direct access to over 1200 Irish sort codes, as well as through standard download formats to benefit IPSO participants and the Irish payment community.
Accuity/CB.Net is providing the infrastructure through its CodeX Code Management platform. IPSO and its member banks will be able to manage the sort code database in a faster and far more efficient way then ever before. The CodeX platform enables the participants to add and amend details to mitigate the risk of error and inaccurate information. IPSO is maintaining administrative control over the system, while allowing Members to access and update their own information.
CodeX provides a state-of-the-art platform which takes away the logistical problems and costs of managing code systems. The platform reduces the administrative and logistical workload for IPSO, and provides better controls on the content of the directory. IPSO member banks take direct control over their own information and changes to their branch details can be made easily and quickly.
Pat McLoughlin CEO of IPSO, comments "The CodeX system that Accuity/CB.Net has developed allows us to manage the NSC Database more easily than before to the benefit of not only ourselves but the wider banking community. Banks will be able to update their back office systems more readily and up-to-the-minute branch details will be available to the banks' corporate customers enhancing their payment Straight Through Processing capabilities and reducing rejected payments."
Possible future enhancements include making the NSC database SEPA compliant with the addition of identifying and routing BICs. Malcolm Taylor, Managing Director, EMEA & APAC, Accuity/CB.Net, adds "After implementation of the EPC and EBA projects, it is very satisfying that the skills and experience can be used to good effect in providing IPSO with the CodeX service. We are delighted to be working with IPSO and the Irish banking community. It is an exciting period in payments and we are proud to be at the forefront of providing innovative and robust solutions."