Data Conversion Service |
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The Experian Payments Data Conversion Service helps you comply with the latest SEPA legislation, benefit from lower cost European cross border payments and improve your Straight-Through-Processing of payment instructions. The service has been used by many of the world’s leading organisations to check their data, convert their data and then keep their data clean.
Your organisation can make and receive payments and Direct Debits from anywhere within the European Union through a single Euro bank account. However, you will need to supply a valid IBAN and BIC for each transaction. Failure to do so will incur bank charges for any failed payment instructions, and additional charges for correcting the information.
The Experian Payments Data Conversion Service validates your complete database for accuracy and then automatically generates a SWIFT and SEPA compliant IBAN and BIC for each of your valid records. The service then returns an updated file to you along with an analysis report and recommendations and actions for any records that are invalid.
The Experian Payments Data Conversion Service removes the cost, time and resource required to obtain updated account details from each of your customers and suppliers.
Bank account validation
Error rates in bank account details, where validation has not taken place at the point of capture, can be as high as 8%. This can result in rejected payments and have a negative impact on administration costs and customer service. The Experian Payments Data Conversion Service will validate all of your bulk bank account details and will ensure that bank account errors are minimised, reducing the cost of correcting the information and improving your Straight-Through-Processing and working capital.
Whether you choose to use Bank Wizard to validate your account details or use the Data Conversion Service to validate bulk payment data, you can be confident that your customer and supplier account details are as accurate as possible across more than 46 different countries worldwide.
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SEPA data conversion
Organisations within the Eurozone must use BIC and IBAN as the standard international and domestic bank account identifiers. The use of BIC and IBAN has been mandatory for participation in the
SEPA Credit Transfer scheme since 2008. It is also the requirement for participation in the
SEPA Direct Debit scheme.
From 2011 BIC and IBAN will be the standard for all domestic and cross-border payments across the European Union. Failure to include this information will result in increased transaction charges and additional costs for your organisation.
The Experian Payments Data Conversion Service will help you validate your existing payments details in their current formats and automatically generate a valid IBAN and BIC for each of these records.
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IBAN and BIC validation
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.
Where you are currently collecting and using IBAN and BIC details for international payments, the Experian Payments Data Conversion Service will validate these details in bulk, ensuring that only accurate beneficiary details are contained within your databases for processing. This greatly reduces the time and cost associated with administering rejected cross-border payments and improves operational efficiency.
Used with our Data Conversion Service, Bank Wizard will ensure new payments data is accurate and converted into the correct format and that existing payments data is kept up-to-date.
Learn more about BIC and IBAN validation
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Multi country validation for SWIFT payments
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.
Experian Payments Data Conversion Service meets rigorous account validation requirements for over 46 countries worldwide, including all 31 SEPA countries. It also provides validation for over 80% of global SWIFT 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 Global 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 228 different countries.
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