Accuracy and quality of payment data

In these credit challenged and uncertain times,ensuring payments are processed on time without the need for manual repair at additional cost, has perhaps never been more important. After all who wants to be on the receiving end of a payment that is held up because it does not contain the correct Bank Identifier Code (BIC) or International Bank Account Number (IBAN), particularly if that person is relying on that payment to finance some other aspect of its business.

In that respect the accuracy and quality of payments reference data has become increasingly important. It should come as no surprise then that the rumor mill has been working overtime regarding a potential tie-up between payment reference data provider CB.Net and Accuity, a leading provider of payment routing data and AML software.

CB.Net's flagship product is its Standing Settlement Instructions (SSI) database, BankSearchPlus, which also validates and links IBANs to BICs, which is important in the context of the Single Euro Payments Area for straight-through processing of payments.

Accuity also has Reference Directories which are used to increase STP in payments and to facilitate the efficient processing of cheques and wire transfers, so the tie-up with CB.Net seems a logical one as banks, regulators and vendors look to make cross-border payments processing more efficient and cost effective.