The mandatory use of BIC and IBAN in all EU cross-border euro credit transfers can significantly increase the cost of international payments processing. This is through both the charges levied by banks for submitting invalid data and the cost of correcting rejected payment information.
Bank Wizard validates and reformats BIC and IBAN data at the point of entry, ensuring that only accurate bene?ciary details are captured and submitted for processing. This substantially reduces the time and cost associated with administering rejected cross-border payments, relating to incorrect BIC and IBAN data. This results in signi?cant cost savings and improvements in operational ef?ciency.
BIC and IBAN validation with Bank Wizard:
- Performs BIC and IBAN validation and reformatting for all SEPA countries*
Facilitates compliance with the EPC resolution for mandatory BIC and IBAN
- Undertakes BIC and IBAN checks early in the business application
Negates the need for costly correction of payment data to incorporate valid BICs and IBANs at later stages in the process
- Is a complete software and service solution for BIC and IBAN validation, not just data
Removes the problems associated with managing BIC and IBAN updates to complex and constantly changing bank data
- Is easily embedded within existing applications to perform BIC and IBAN validation
Ensures minimum change to existing systems, as no additional logic is required, resulting in rapid implementation and low cost of ownership
BIC and IBAN validation - summary of features
| Returns the BIC and forms the IBAN from the BBAN (Basic Bank Account Number) |
| Decomposes the IBAN to form the BBAN |
| Performs full format and modulus checking of BBANS and IBANs |
| Standardises (converts) basic bank account data into the required BIC and IBAN forms/formats |
| Highlights incorrect BIC and IBAN payment information at the point of entry |
| Implements business logic to create matching and error/warning conditions |
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Provides contact information for bank branches |
*BIC and IBAN validation and reformatting for all 25 EU countries plus Norway, Iceland, Liechtenstein and Switzerland
Convert your existing data to valid BICs and IBANs using the Experian Payments Data conversion service