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ACE Software Solutions, Inc.
News Release
IBAN SOLUTION FROM CB.NET
AND ACE TO
DRAMATICALLY IMPROVE STP
London – June 23 2005 –
Reference data provider CB.Net and SWIFT Gold accredited Software
solution provider, ACE Software Solutions (ACE) are now providing
a joint IBAN solution for financial institutions.
The solution is a direct response to meet the current
demands of correspondent banks in the Eurozone and initiatives including
EBA, STEP2 and TARGET2. By combining ACE’s robust software and CB.Net’s
accurate international payments reference data, a product is now
available to detect, normalise, validate and cross-check IBAN information
against up-to-date BICs, National Codes and all IBANs in the creation
of MT103 message types.
In addition, as a rule-driven message repair module,
this IBAN solution allows for any type of customer-specific rule
to be written using either, all the data extracted from the IBAN,
or all the data retrieved (via IBAN processing) from the reference
data files. For example, rules exist to allow the enrichment of
a payment message in order to create a straight through message
MT103+ instead of the more costly MT103.
Calling on CB.Net’s reference data – also available
as BankSearchPlus* – ACE’s technology enhances MT103s to comply
successfully with even the most stringent of STP guidelines.
Al Danino, Commercial Director at ACE said, “We know
that if incorrect IBANs and BICs are used, the ordering client can
face higher charges or incorrect payments. The beneficiary on the
other hand can face delays or worse still, non payment. Our combined
solution aims to mitigate against these risks”
Ian Dunning, Managing Director at CB.Net, said, “We
believe that this joint solution to the problems financial institutions
are facing today with the use of IBANs will be received well in
the market. Together, we are offering a comprehensive and useful
tool in the creation of MT103s and in a number of delivery formats.”
About STP Toolkit™
Intelligent message repair is a key feature of the
STP Toolkit™, it is in fact an STP Enabler, the key to achieving
significantly improved STP rates. Some of the key benefits of STP
Toolkit™ include:
ROI < 6 months -
offers the ability to gain substantial returns on investment by
high-level of cost savings, revenue generation and processing efficiency.
Cut your exception processing
costs - by enhancing your ability to process and automatically
repair messages.
Improved levels of service
- you can provide an improved service to your clients
(e.g. you can accept messages in their formats rather than dictate
to them how they should send messages to you).
Save money on back charges
- better quality outbound messages will reduce the back-charges
you pay to other Financial Institutions.
Increase the levels of business
you can handle - your message processing capabilities
will increase allowing you to handle more business.
Better management of "Charge-backs"
- gives you the optional capability to identify "worse
offenders" and charge them accordingly or you can educate them.
Improve knowledge retention
– the solution maintains details of the specific messaging
problems encountered and where these problems originate.
SMPG Compliance:
STP Toolkit™ offers full compliance to the SMPG Compliance requirements
for 25 countries.
Plug and Play Functionality:
ACE product modules allow for a low lead-time in deployment.
STP Toolkit™ will deploy the data in BankSearchPlus™
directly into the back office system by using it’s advanced Natural
Language Processing (NLP) and Artificial Intelligence technologies
to streamline the data flows into the financial institution’s Back
office systems.
About ACE Software Solutions
ACE Software Solutions is a world leader in message
and data content-based STP solutions. ACE’s solutions enable financial
organizations to leverage ACE’s proven expertise in Artificial Intelligence
and Natural Language Processing and to successfully tackle every
aspect of financial message processing right from Message Enhancement
and Repair to Message Traffic Analysis and AML. ACE has offices
in London, New Jersey, and Bombay. - www.acesw.com
ACE contact: Stephen
Hughes shughes@acesw.com
About CB.Net
CB.Net is a data provider dedicated to the delivery
of reference data solutions to the international payments community.
Established in June 2000 by a group of bankers and IT professionals.
London-based CB.Net recognises the importance of reliable reference
data in being a major contributor to cost savings and greater efficiency
in international payments and compliance requirements.
STP = BIC + Local Code (IBAN) + SSI = BankSearchPlus
*CB.Net’s flagship product, BankSearchPlus, is the
definitive international payments directory, delivering critical
operational data in one source – both as a web based query tool
and as a data feed – directly into back office systems. BankSearchPlus
contains over 85,000 Standard Settlement Instructions (SSIs) linked
to 8,500 BICs and national bank sort codes for over 70 countries.
Other BankSearchPlus components include IBAN2BIC, which validates
and links IBANs to the issuing banks; and BIChistory.
The strategic focus of CB.Net is to develop products
and solutions for the international payments industry which are
innovative, operationally useful, and easy to implement. CB.Net
has an impressive portfolio of clients in over 30 countries, including
leading bank groups. CB.Net subscription renewal rate is 98% showing
that services are meeting requirements.
www.cbnet.info
CB.Net contact:
Katy Keenan on +44(0)207 522 6042
or email katy.keenan@cbnet.info
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