Bank Wizard for Faster Payments

A central feature of the Faster Payments service is the requirement for transactions to be processed in near real-time. Any errors present in submissions or the inability of a beneficiary account to accept a Faster Payment will invalidate the service offered 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

Therefore, eliminating transaction errors at the point of submission is critical to the success of the Faster Payments service.

Bank Wizard for Faster Payments validates bank account details at the point of entry and 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 ensures that payments are made correctly at the first attempt, avoiding the associated costs of mis-routed payments.

Bank Wizard Absolute further enhances this by making the connection between bank account and customer and also identifies accounts where payments would fail due to account closure, non-existent accounts or deceased account owner.