When making payments to another business you need to confirm that the account you intend to make the payment into belongs to your supplier or customer. By making the link between the businesses you deal with and their bank account you will ensure that you only make payments to the correct beneficiaries. BWA now includes CCDS business current account data to further increase your match rates.
Bank Wizard Absolute (BWA) for checking business bank account data is for any organisation that is making business to business payments. Those who wish to avoid invoice fraud when paying suppliers can use Bank Wizard Absolute to check bank account data at point of supplier set up, when a change of bank account information is sent or when a payment is being made. For companies that make payments for business loans, insurance claims or business grants using Bank Wizard Absolute will make sure that you pay your genuine customers.
Bank Wizard Absolute compares the business bank account information you enter against the bank account records that we hold. A validation is carried out to check for error that can be caused by mis-hearing or mis-keying, the data is then verified to give you a score that you can easily interpret to confirm that the bank account belongs to the business you wish to send a payment to.