The Single Euro Payments Area (SEPA) initiative creates a zone in which all euro electronic payments are treated as domestic by removing existing differences between national and pan-European cross-border.
SEPA will enable you to make cashless euro payments to anyone located in the SEPA zone using only a single bank account and one set of payments instructions.
This means from 1st February 2014 all euro payments will require the use of IBAN(International Bank Account Number).
Failure to collect and validate IBAN details will result in failed payments, increased rejections costs and poor customer service. 34 million euro transactions are made every year and around 12.7%* are incorrect; and with the cost per failed transaction at an average of €50, the financial impact for your business on non-conversion could be significant.
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.
Bank Wizard validates bank account details for over 50 countries and territories, including all 31 SEPA countries and the whole of Europe.
Supporting inter-bank and international clearing systems, it facilitates domestic Direct Debit and Direct Credit transfer as well as cross-border paymentsAdditional 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 and territories
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.
As well as validating and reformatting BIC and IBAN data at the point of capture, Bank Wizard converts basic bank account numbers (BBAN) into the required BIC and IBAN format so that you only submit accurate beneficiary details for processing.
This greatly reduces the time and cost associated with administering rejected cross-border payments and leads to greater operational efficiency.
Try Bank Wizard and see how your organisation could:
- Dramatically reduce payment processing errors
- Reduce risk and correction costs of failed payments
- Save time and money supporting new SEPA payment requirements
- Improve customer acquisition, collections and payments efficiency
Available for single record validation and IBAN conversion OR Bulk file BBAN to IBAN and BIC conversion.