Payments reference data provider CB.Net has joined
forces with LogicaCMG to launch the Single Euro Payments Area
(Sepa) Directory to help financial institutions and enterprises
cope with
Sepa rules, which come into force on 1
January 2008.
The Sepa Directory contains payments data,
including bank identifier codes (BICs) and national codes
throughout the Sepa region.
It will allow organisations to validate payment coordinates for
banks in the Sepa area and ensure transactions are correctly
routed. The directory will be supported by CB.Net’s continuously
updated payments data, which will enable organisations to improve
payments efficiency and reduce transaction costs, said the
technology partners.
Simon Bailey, payments director for global financial services at
LogicaCMG, said, “This initiative represents a major step in
resolving practical issues in achieving reachability in the new
Sepa environment, and will substantially reduce the costs and risks
to the industry.”
The Sepa Directory >>
Sepa rules >>
Link and Voca merge to tackle European payments
market >>
LogicaCMG website >>
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