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Products and solutions

Experian offers services and solutions to ensure that the payments data you hold is valid and in the correct format to initiate payments globally.

Conversion from BBAN to IBAN + BIC

Conversion from BBAN to IBAN plus BIC

The use of IBAN plus BIC data in making and receiving payments is rapidly becoming a global standard, initiatives such as SEPA have made this mandatory for all domestic and cross-border euro payments. Many none euro-zone countries are also standardising on IBAN, larger corporates are also looking to make the move to IBAN irrespective of the preferred format of their countries of operation.

Experian provides an automated service for validating and converting payments data currently held in domestic format  to IBAN and BIC. Data Conversion Service

This ensures that prior to payments submission bank account data is in valid IBAN format and that additional information such as routing BIC is also present. This service can performs data validation and conversion for bank account data from the domestic format of many countries, for a full list of countries supported please click here.

For those organisations with databases of previously collected bank account data, performing validation and conversion using a multi-level and regularly updated solution will decrease the risk of payment failure, improving Straight-Through-Processing and helping compliance with schemes such as SEPA.

Point of capture validation of bank account data.

IBAN and BIC Validation

The earlier in the process error can be detected and rectified the less risk of payment failure and the lower the cost to correct. For many the biggest point of failure is at data collection. This is particularly the case for those organisations needing to collect data from the general public, complexity which is increased when administering over multiple channels including web, telephone or in a store.

When collecting bank account data individuals are often only familiar with the domestic format for their country, for example bank account and sort code and may not know what their IBAN is or where to find that information. In addition bank account data can consist of long strings of numbers and letters, it’s easy to mis-read, mis-key or mis-hear such information and this will lead to inaccurate data entering databases and ultimately the failure of payments.

Bank Wizard Global is available in a number of deployment options and can be deployed across all channels and works in real-time to validate bank account data. Individuals need only provide their data in the domestic format they are used to and Bank Wizard will validate the information they are giving and convert to IBAN and append the additional routing information such as BIC. Equally where the IBAN is known Bank Wizard will also validate that.

By validating bank account data at point of collection Bank Wizard enables you to avoid payment failure, as you can administer this process invisibly at point of capture your customer receives an excellent service from you and you will not need to re-contact customers who have suffered from payment failure to correct the data that has caused a failure. 

For more information on Bank Wizard please click here to download the brochure


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