The introduction of the mandatory use of BIC (Bank Identifier Code) and IBAN (International Bank Account Number) in all European cross-border Euro credit transfers has the potential to impact significantly on profitability for many banks, through 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 beneficiary details are submitted for processing. This significantly reduces the time and cost associated with administering rejected payments, resulting in increased operational effectiveness and improvements to customer service.
Bank Wizard:
- Validates and reformats BICs and IBANs for all 29 EFTA* countries
Facilitates compliance with the EPC resolution on mandatory BIC and IBAN
- Performs checks early in the banking application
Negates the need to undertake costly message repair at later stages in the payments process
- Is a complete software and service solution, not just data
Removes the problems associated with managing updates to complex and constantly changing data. Customers are able to integrate once and forget about bank account validation
- Is easily embedded within existing applications
Ensures minimum change to existing systems as no logic is required in the banking application
*All 25 EU countries plus Norway, Iceland, Liechtenstein and Switzerland
Summary of features
| Creates the BIC and IBAN from the BBAN (Basic Bank Account Number) |
| Standardises (converts) basic bank account data into the required forms/formats |
| Performs modulus checking of BBANs and IBANs |
| Highlights incorrect payment information at the point of entry |
| Implements business logic to create matching and error/warning conditions |
| Provision of contact information for branches |
For further information on Bank Wizard click here