Comprehensive Bank Account Validation
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In today's global business environment, Experian can help you minimise your business risk through working capital management and ensure you reduce the cost of payment errors and the risk of payment fraud.
We can make it easier for you to make and receive payments around the world by confirming the validity of bank account details, checking IBAN and BIC for international transactions, providing payment routing channels through Bacs schemes and Faster Payments Direct Corporate Access (DCA) and through American Express Forex International Payments.
With our own dedicated Data Team we can provide the depth and quality of information you need to make and receive error-free electronic payments. This enables you to improve your Straight-Through-Processing and support your business growth.
If you are making high volume or high value Direct Debit, Direct Credit or cross-border payments, Bank Wizard greatly reduces the time and risk associated with administering rejected payments, delivering significant cost savings and improvements to your customer service and customer acquisition process.
By allowing you to make and receive payments directly via the Bacs three day service and the UK Faster Payments Service, Experian Payments Gateway can help you reduce the cost of your Direct Credits and Direct Debits (including same-day payments), improving your payments processes and allowing you to manage your working capital more efficiently.
Fraud and errors within Direct Debit, Direct Credit and Cardholder Not Present (CNP) transactions impact on your profitability and expose your business to risk.
Bank Wizard Absolute minimises the potential for payment fraud by confirming in near real-time that the bank account details provided actually belong to your customer, that card details are in the correct format and are linked to your customer’s address and that the card is in your customer’s possession for CNP transactions.
This enables you to significantly improve efficiency and profitability by virtually eliminating transaction failures and minimising payment fraud.
If you need to make payments using IBAN and BIC, our Data Conversion Service will help you validate your legacy payments data and convert it to the required format.
Using the latest payments data from over 28 different sources, we can help you keep your data up-to-date across all 31 SEPA countries, improving your Straight-Through-Processing and reducing the costs associated with failed payments.