Over 80% of all SWIFT payments traffic can now be validated by BANK WIZARD, the enterprise data validation solution from Eiger Systems.
BANK WIZARD provides international payment routing information data for 46 countries which, together, generate over four fifths of all SWIFT payments traffic. By enabling banks and corporate organisations to provide the correct BIC and BBAN or BIC and IBAN data when initiating cross-border payments, BANK WIZARD helps reduce the cost of cross-border transactions and facilitates bank and corporate compliance with current regulatory initiatives.
“This latest extension to BANK WIZARD’s functionality demonstrates Eiger Systems’ aim to become a significant player within the global payments community,” says Mark Bish, Business Product Manager for Validation Services at Eiger Systems.
He continues, “Given the rapid growth in worldwide payments traffic, we believe it is vital for our data validation solutions to have global application. Moreover, there are indications that the standards required of cross-border payments traffic may apply to domestic payments too. If this happens, BANK WIZARD is already compliant.”
The BANK WIZARD cross-border module provides international payment routing information, domestic bank account validation and additional country specific data. Currently the module covers the 27 Member States of the EU, the four EFTA countries plus Andorra, Australia, Bosnia and Herzegovina, Canada, Croatia, Hong Kong, Mexico, New Zealand, Serbia, Singapore, South Africa, Thailand, Tunisia and the United States of America and, due shortly, India.
BANK WIZARD in practice
Read how leading payment service provider, GlobalCollect, uses BANK WIZARD to enhance its services to customers - view the case study
Please note - Experian Payments was formally Eiger Systems
