EBA Selects CB.Net for Priority Payments Registry
CB.Net has been selected to be the official registry provider for the Euro Banking Association’s (EBA) Priority Payments Scheme (PPS). The PPS Central Repository will be the official registry of banks that have committed to the PPS Business Rules, which aim to enable payments to be credited to client accounts within four hours. CB.Net has developed a centralised repository for the EBA Priority Payment Scheme. The scheme has been developed to offer urgent intra-day, single credit transfers for corporate and retail customers. The enhanced payment transfer service guarantees end-to-end processing of single credit transfers within four hours, instead of the standard three-day transaction period for European cross border payments. The PPS Central Repository provided by CB.Net is designed to enable originating banks to confirm which recipient banks are registered and participating in the Priority Payments Scheme. This scheme, developed with 26 pilot banks from 12 European countries, will be tested during the next six months to ensure its processes run smoothly. The scheme will be officially launched on 1 January 2008. Participation in the scheme is open to any bank operating in the single euro payments area (SEPA).