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.
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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.”
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