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Validate the bank account data you hold and convert into SEPA ready IBAN + BIC
Experian validates and electronically converts your existing, domestic, bank account formats to the required IBAN and BIC; alongside being able to flag and identify incorrect data early and ensure that it is cleansed. Experian provides a service that initiates successful, SEPA compliant, cross-border and local payments with dramatically reduced errors and rejection costs.
Products and solutions
IBAN and BIC Validation
From 2014 all euro credit transfers and direct debits will require the use of International Bank Account Number (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.
We can help you avoid these problems by identifying incorrect payment details up-front in the process to improve your Straight-Through-Processing rates.
Bank Wizard - Validate and reformat BIC and IBAN and BIC data for local euro payments and international payments at the point of capture.
Data Conversion Service - Validate and reformat payments data to IBAN and BIC format for all euro payments and international payments.
Conversion from BBAN to IBAN + BIC
Under SEPA, the use of IBAN to identify the bank and account of a payment beneficiary is mandatory for all cross-border euro payments and from February 2014 will be mandatory for all domestic euro payments.
By providing an automated service for validating and converting existing domestic payments data to IBAN and BIC standard, we can help you avoid the cost and resource involved with becoming SEPA compliant.
Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. Helping businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making.
Experian can offer you a fast, cost-effective IBAN and BIC data conversion and validation service to ensure that your payments data is correctly formatted for SEPA and that your business can benefit from the new schemes without disruption or additional costs.
Our consultancy provides you with a complete SEPA migration solution. Our dedicated SEPA team with knowledge of local account formats across the SEPA zone will ensure you avoid failed conversions.