Data quality - options for validation?
All automated banking services, including Direct Debit and Direct Credit schemes, rely on organisations submitting accurate payment data. The data required to validate bank details is constantly changing. Each month new bank and building society branches are opened, while some are closed or merged. The rules for Modulus Checking change regularly and the transposition rules are always subject to change.
Historically, modulus checking has been the only way for organisations to validate bank account details and is still perceived by many as the only available option. Although the Industry Sorting Code Directory (ISCD) provides a useful source of data, it nevertheless requires a significant development work to become useful and its accuracy is variable. Let’s look at these alternatives to Bank Wizard in more detail:
Modulus checking
The modulus checking rules are published by APACS. When new rules are added or amended, corresponding changes must be applied to the application which uses them. S/Bacs currently cover 23 financial institutions and require coding into the relevant software applications. Modulus checking is only one aspect of validation - it does not check the actual existence of a Sort Code or provide any details of branch names and addresses. Modulus checking does not provide any indication as to whether a sort code or account number supports Direct Debit or Direct Credit and will not help with the transposition of account numbers. On its own, it is complicated and incomplete. Bank Wizard is a complete application that removes from your own business systems the problems associated with managing updates to constantly changing data.
Sort code directories
Sort code directories have always been available from banks and publishers. The Industry Sorting Code Directory (ISCD), maintained by Bacs on behalf of the UK payments industry, contains record of data on every bank and building society connected to UK clearing systems.
Although the ISCD provides comprehensive information, it still remains a complex, raw data-file and its accuracy is variable. The data contained within the directory requires coding within the relevant software applications together with the development of mechanisms to regularly update the information. Also, sort code directories provide data only and do not assist with modulus checking or the Transposition of Account Numbers.
Why Bank Wizard?
Bank Wizard undertakes full modulus checking for virtually all UK banks and building societies and contains additional rules to those commonly published. Bank Wizard can apply modulus checking to over 99.6% of a typical customer file - this is significantly higher than any other system or the published rules.
Bank Wizard also checks the actual existence of a sort code and provides comprehensive branch details for each sort code, including support for different transactions and other useful attributes of sort codes and account numbers.
Bank Wizard automatically applies transposition from non-standard account numbers (including building societies) into the standard Bacs format and then applies the appropriate modulus check. Where an account code or a modification to the sort code is required, Bank Wizard automatically generates this.
Bank Wizard is not just data and rules. It is a software solution that has been specifically developed to accurately validate bank details and is available for all main operating platforms from PCs through to mainframes.
Bank Wizard is a complete application that removes from your own business systems the problems associated with managing updates to constantly changing data. It contains the most comprehensive and accurate database of bank details available anywhere and Experian Payments is the only organisation that actually validates, supplements and corrects the data provided by the banking industry. Furthermore Bank Wizard customers receive regular updates to ensure that they constantly benefit from the most up-to-date data available.
01/01/08