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Data Conversion Service - Capture, generate and validate BBANs, IBANs and BICs

Validation of data can substantially reduce the cost and time associated with administering incorrect and rejected cross-border and domestic payments.Click here to view the Data Conversion Service demo

Under SEPA (Single Euro Payments Area) your organisation can benefit from lower cost credit transfers and Direct Debits across the EU. However, to take advantage of this you must now be able to supply a valid IBAN (International Bank Account Number) and BIC (Bank Identifier Code) for all EU cross-border payments and direct debits and from February 2014 this has also applied to all domestic euro payments and direct debits also.

Your organisation should, therefore, be able to capture and validate IBANs. In addition, you may also need to establish an IBAN and BIC from a given domestic BBAN (Basic Bank Account Number), where the IBAN is not known.

If you fail to include the correct IBAN it will result in rejection, correction and repair charges being imposed by the banks. This may significantly outweigh the savings expected from the new service.

How we can help you

Our market-leading IBAN and BIC validation software or web service Bank Wizard, can check the accuracy of BBAN or IBAN and BIC details and reformat data at the point of entry, ensuring that you capture and process only valid bank account details and only valid data is submitted for payment.  Bank Wizard embeds within your business applications with the minimum of impact to your existing exception processes.

Try our solution for FREE

For a one-off conversion, the Experian Data Conversion Service helps you comply with the latest SEPA legislation by generating IBANs from your validated BBANs and adding BICs where required.

Click HERE for your free trial >>

Click here to view Bank Wizard Global product demoError rates in bank account details, where validation has not taken place at the point of capture, can be as high as 8%. This can result in rejected payments and have a negative impact on administration costs and customer service.

The Experian Data Conversion Service will validate all of your bulk bank account details and will ensure that bank account errors are minimised, reducing the cost of correcting the information and improving your Straight-Through-Processing and working capital.

Whether you choose to use Bank Wizard to validate your account details or use the Data Conversion Service to validate bulk payments data, you can be confident that your customer and supplier account details are as accurate as possible across more than 46 different countries worldwide.

Find out more information

Take Advantage of SEPA PaymentsOrganisations within the Eurozone must use IBAN as the standard international and domestic bank account identifiers. The use of BIC and IBAN has been mandatory for participation in the SEPA Credit Transfer scheme since 2008. It is also the requirement for participation in the SEPA Direct Debit Scheme.

From 2014* IBAN will be the standard for all domestic and cross-border payments across the European Union. Failure to include this information will result in increased transaction charges and additional costs for your organisation.

The Experian Data Conversion Service will help you validate your existing payments details in their current formats and automatically generate a valid IBAN and BIC for each of these records.

* As identified as the SEPA migration date from the European Payments Council.

Find out more information

Organisations within the Eurozone must use IBAN as the standard international and domestic bank account identifiers. The use of BIC and IBAN has been mandatory for participation in the SEPA Credit Transfer scheme since 2008. It is also the requirement for participation in the SEPA Direct Debit Scheme.

From 2014* IBAN will be the standard for all domestic and cross-border payments across the European Union. Failure to include this information will result in increased transaction charges and additional costs for your organisation.

The Experian Data Conversion Service will help you validate your existing payments details in their current formats and automatically generate a valid IBAN and BIC for each of these records.

* As identified as the SEPA migration date from the European Payments Council.

Find out more information

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.

Experian Data Conversion Service meets rigorous account validation requirements for over 46 countries worldwide, including all 31 SEPA countries. It also provides validation for over 80% of global SWIFT payments.

Additional bank and branch BIC data is also available through Bank Wizard, helping you to complete missing information for international payments.

Bank Wizard 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.

Find out more information

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