Winning with SEPA with Experian

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The only comprehensive and complete, multi – layered SEPA solutions.

About our whitepaper

This publication analyses the impact that poor domestic bank account data will have on SEPA migration. Experian’s established and comprehensive data validation and conversion services have given us significant and unique insight into the challenges of poor data quality facing banks and their corporate customers.

Over the past 20 years many banks have opted to simply repair faulty domestic transactions – where possible without charge or notification to the originator of the transaction, this has lead to increasingly inaccurate data in the business systems used for national payments. With SEPA making little or no distinction or provision for repairs and simply charges for both repaired and rejected payments.

This whitepaper examines how error occurs the different types of error that happen as well as looking at the prevalence of error in different countries and across different industry sectors.  By reading this whitepaper you will be able to assess the level of payment failure you may be exposed to as well as information about how you can mitigate this.

About our SEPA services

Initiatives such as the Single Euro Payments Area (SEPA) are bringing markets closer together and increasing cross-border opportunities for corporate organisations and banks alike. We can help you take advantage of SEPA and international payments by initiating successful, SEPA-compliant, cross-border and local payments with dramatically reduced errors and rejection costs.
From 2014 all euro payments and Direct Debits will require the use of IBAN. Failure to collect and validate IBAN details when making EU euro payments will result in failed payments, increased costs and poor customer service which will affect the profitability of your business.

Experian can help you validate and reformat your payment details into SEPA compliant formats through a full range of software and consultancy services. Using the worlds’ most comprehensive and complete multi layered SEPA validation and IBAN conversion, we can ensure you are better placed to win with SEPA.

Complete solutions:

  • Full domestic BBAN validation – including bank validation, data structure validation and local modulus rules for accuracy
  • BBAN to IBAN conversion – Full BBAN including local account transposition, then generation of valid IBAN
  • Multi-layered IBAN validation – IBAN modulus check, deconstruction into BBAN components and secondary validation of local components using local bank validation, data structure and local modulus rules
  • SEPA Routing BIC identification – Establishes the correct BIC required for SEPA routing
  • SEPA compliance information – Identifies if the bank is SEPA compliant for Direct Debit and Credit Transfer
  • Bank/ branch BIC validation – Identifies an individual bank or branch BIC code, bank name and address, based upon local bank codes

Resources

 

Questions about SEPA

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