BIC and IBAN use is now mandatory in all EU cross-border euro credit transfers. The introduction of BIC and IBAN could impact significantly on the profitability of international payments handling for many banks. This is through both increased rejection charges from receiving banks and higher message repair costs for manual correction of invalid payments.
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 increased STP and improvements to customer service.
BIC and IBAN validation from BANK WIZARD:
- BIC and IBAN validation and reformatting for all SEPA countries* Facilitates compliance with the EPC resolution for mandatory BIC and IBAN, ensuring finality of cross-border payments
- Performs checks early within the banking application Negates the need to undertake costly message repair to incorporate BICs and IBANs at later stages in the payments process
- Is a complete software and service solution for BIC and IBAN validation, and not just data Removes the problems associated with managing BIC and IBAN updates to complex and constantly changing 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 |
| Standardises (converts) basic bank account data into the required BIC and IBAN forms/formats |
| Performs modulus checking of BBANs and IBANs |
| Highlights incorrect BIC and IBAN payment information at the point of entry |
| Implements business logic to create matching and error/warning conditions |
| Provides bank/branch contact information |