Organisations currently making electronic payments to personal UK building society and credit union accounts have no means of identifying whether a roll number is required, where it is needed and whether it is valid. This is further complicated by the different formats and rules used by the various financial institutions in their generation of roll numbers. As a result, a significant number of Direct Credit payments are misapplied and Originators are spending unnecessary time and cost rectifying these errors.

The Bank Wizard Roll Number Validation module identifies accounts that require a roll or reference number by:

• modulus checking the roll number against the specified sort code and account number
• verifying that the roll number conforms to specified format rules, highlighting any errors at point of input
• transposing the roll number into the standard format required by Bacs

The Faster Payments Service requires transactions to be processed in near real-time. If there are any errors present in submissions or a beneficiary account is unable to accept a Faster Payment, the service will be invalidated, resulting in:

• delay in payment where alternate methods must be used
• poor customer service and damage to reputation
• repair costs for failed payments
• negative customer experience resulting in high attrition rates
• potential for fraud

The Bank Wizard Faster Payments module validates bank account details at the point of entry. It also checks that the beneficiary accounts support Faster Payments prior to submission. This allows you to identify upfront that you can offer a Faster Payment to a customer and make payments correctly at the first attempt, avoiding the cost of mis-routed payments.

Learn more about Faster Payments

Download the Faster Payments Guide for Corporates

The mandatory use of BIC and IBAN in all EU cross-border euro credit transfers can greatly increase the cost of international payments processing. This is due to the charges levied by banks for submitting invalid data and the cost of correcting rejected payment information.

As well as validating and reformatting BIC and IBAN data at the point of capture, Bank Wizard converts basic bank account numbers (BBAN) into the required BIC and IBAN format so that you only submit accurate beneficiary details for processing. This greatly reduces the time and cost associated with administering rejected cross-border payments and leads to greater operational efficiency.

View the Bank Wizard demo

Learn more about BIC and IBAN validation

The Bank Wizard Web Service enables you to implement Bank Wizard in a Service Orientated Architecture environment within your network, using industry standard interfaces.

This is the most efficient method of integrating Bank Wizard with multiple systems and enables you to:

• reduce the overhead of maintaining several implementations of Bank Wizard
• apply a consistent level of validation across an organisation’s network
• provide an industry standard method of integration
• ensure compliance with your organisation's architecture standards
• make Bank Wizard available to business areas where previously it was precluded
• provide ad-hoc access through the Web User Interface for validation across the organisation’s Intranet or Extranet

Whether you operate in a single domestic country or across several international locations, the quality of your electronic payments data will impact your cash management and business efficiency. Getting your payments data right will deliver improved Straight-Through-Processing, reduce your business risk and lower your costs.

Bank Wizard validates bank account details for over 46 countries, including all 31 SEPA countries and the whole of Europe. Supporting inter-bank and international clearing systems, it facilitates domestic Direct Debit and Direct Credit transfer as well as cross-border payments.
 
Additional bank and branch BIC data is also available through Bank Wizard, helping you to complete missing information for international payments. Bank Wizard’s BIC look-up facility will enable you to quickly validate an existing BIC code or find a correct BIC code for your international payments across 102 different countries.

View the Bank Wizard demo

Learn more about BIC and IBAN validation