Tag: IBAN + BIC

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What is a BIC used for?...

In a previous blog we answered the question ‘what is a BIC’ (Business/Bank Identifier Code) but we didn’t delve into the detail about what a BIC is used for. As we saw in the last blog, a BIC is used to identify a specific business, most commonly a bank,...

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What is a BIC?...

Most people wonder what a BIC is when they are asked to provide one when making a payment, usually a cross-border payment. However, when you dig a little deeper, the answer to the question: What is a BIC? becomes rather more...

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5 reasons why you need to take care when using IBANs...

The move to global standardisation using ISO2022 XML has meant the adoption of the International Bank Account Number (IBAN) by many countries and organisations. This means the IBAN effectively supplants a country’s domestic bank account data, such as account number and sort code.  ...

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Five things you might not know about IBAN...

Initiatives such as SEPA (Single Euro Payments Area) and the move to global standardisation using ISO2022 XML have led to the adoption of the International Bank Account Number (IBAN). Here are five things you might not know about the...

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4 types of bank account data errors that may be causin...

Any successful bid to resolve payment failures caused by invalid bank account data hinges on the ability to accurately understand the causes: error types, their frequency and specific category.Without this understanding the error will never be fixed and simply...

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Four reasons why you might be holding invalid bank acc...

Sending and receiving payments are business critical processes and when payments fail the impact on a company’s bottom line can be very serious. One area which causes payment failure but which may be overlooked is in the collection and storage of bank account data. When you collect and manage...

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