World’s largest payment routing data provider to manage the Irish National Sort Code (NSC) Directory
LONDON, UK – 27 May, 2009 – Accuity/CB.Net, the leading payment reference data, software and services provider today announced that it is working with the Irish Payment Services Organisation Ltd. (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 than 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 and 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.”
About Accuity/CB.Net
www.AccuitySolutions.com/CBNet
Accuity/CB.Net is the leading provider of global payment routing data, AML screening software and services that allow organisations, across multiple industries, to maximise efficiency and facilitate compliance of their transactions.
Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services. For more than 150 years our worldwide clients, located in over 150 countries, include C-level executives, managers, and technology professionals. The solutions and services we provide are packaged in multiple formats to serve their diverse needs.
Accuity/CB.Net is the official provider of the European Payment Council SEPA Register of Participants and serves as the Euro Banking Association Priority Payments Central Repository. In addition, Accuity/CB.Net has served as the Official Registrar of ABA Routing Numbers since 1911.
About Irish Payment Services Organisation Ltd.
www.ipso.ie
The Irish Payment Services Organisation Limited (IPSO) was established in June 1997. It is the representative industry body, the voice and guardian of the payments industry and the strategic interface with all payments stakeholders. Its fundamental principles are to preserve the integrity and security of the payment systems and to promote and oversee the strategic development of such systems in the interest of the industry and the general public.
IPSO seeks to ensure:
• the orderly and planned development of the payments industry;
• the maintenance of a high level of integrity and timely improvement in the efficiency of payments systems;
• the development of cost efficient and competitive payment systems
• the facilitation of a competitive market, meeting the needs and requirements of stakeholders;
• the provision of a balanced response to key public policy issues.
IPSO’s role is to provide strategic leadership and direction to the payments industry as a whole, including the impact of technology, regulation, European and international developments and communicate strategic guidance to the individual arms of the industry. IPSO is charged with developing best practice guidelines for clearing companies and payment schemes on issues such as constitution, rules, entry criteria, accountability, risk management etc. IPSO facilitates the establishment by the clearing companies and payment schemes of appropriate legal, security and audit frameworks – including security guidelines, fraud control initiatives, data protection, systemic risk controls, regulation etc.
2009-05-27