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GlobalCollect is a leading payment service provider which operates on behalf of customers in the business-to-consumer market by processing their recurring and one-off international payments.
Based in the Netherlands, the company manages local currency payments for businesses in more than 200 countries across a wide range of industry sectors, including publishing, media, telecommunications, electronics and gaming. It achieves this by processing payments via debit and credit cards, direct debits, cheques, bank transfers, prepaid-cards, cash and invoices and, as part of this service, provides real-time transaction reports.
More than just a service provider, GlobalCollect works in partnership with its customers to help them maximise their sales and save time and costs. By focusing on their needs and challenges, the company has built an international reputation for delivering reliable, flexible payment solutions that enable customers to concentrate on their core activities.
The business need
As a reflection of its strong customer focus, GlobalCollect is constantly working to enhance and extend its payments services. So, when the company wanted to reduce rejection rates on customers' direct debit payments transactions in Europe, it recognised it would need to enhance its payments processing system with a new validation solution.
John D'Hanis, VP Development at GlobalCollect was responsible for identifying a suitable solution. He explains: "We wanted something that could validate European bank account details before they were submitted to an automated clearing system. We already had modulus checking in place but wanted a solution that could do more than this. I had no particular supplier in mind at the time but, when I researched the Experian website, I believed that Bank Wizard could deliver the solution I needed. In fact, I soon discovered that no other payment solutions provider could offer anything like this, so Bank Wizard was the obvious choice."
Validating transactions in Europe and beyond
Bank Wizard is a unique service and software solution specifically developed to validate bank account details. Designed to be easily embedded within other applications, it supports validation in over 40 countries worldwide. This includes full modulus checking of account numbers, branch and bank codes and validation of BICs and IBANs.
Bank Wizard supports all inter-bank clearing systems, facilitating domestic direct debit and direct credit transfers, in addition to international clearing systems for cross-border payments. Its flexible architecture means that country modules can be added, either as standalone modules or integrated with others as a multi-country application. GlobalCollect chose Bank Wizard with the Germany, France and UK modules.
"As the product can be supplied as an API we were able to embed the system easily into our Java-based payments platform without any problems," says John D'Hanis. "However, it was reassuring to know that Experian was always available with support and consultancy if we needed help,"
He continues: "Bank Wizard now operates seamlessly as part of our overall service to customers. The system validates over 120,000 transactions each month across Germany, France and the UK and has proved both efficient and reliable. We have never experienced any problems and are now seriously considering using further Bank Wizard country modules for the United States, Australia, Canada and possibly Austria."
While reducing direct debit rejection rates was the original reason for using Bank Wizard, GlobalCollect are also considering using the solution to validate consumer bank details when individuals request a refund to their bank account. "We know how frustrating it can be if a consumer thinks he will receive a refund when, in fact, he provided incorrect or insufficient details in the beginning," says John D'Hanis. "Having Bank Wizard validate those details at the point of data entry will increase customer satisfaction and reduce the workload of our merchant's customer service employees as they will not need to re-contact the consumer for the correct information. Everyone benefits."
"Without doubt, Bank Wiard has enabled GlobalCollect to enhance the service we provide to customers who accept European direct debit payments. Not only that, it has reduced the number of rejections these customers experience. Fewer rejections mean they can trade more efficiently, so they are happy, their customers are happy and so, of course, are we."