Whether online, in a call-centre or collecting bank account details face to face, it is easy to mis-hear or mis-key information. The earlier in the payments process that you can check that the data you are collecting is accurate the easier it is to correct mistakes.
Check bank account data in real time as you collect it. When your customer is still present you can quickly and easily correct any errors identified and ensure only valid bank account data enters your systems to improve the success rate of your payments.
Bank Wizard is a vital tool for any organisation that needs to collect bank account details in order to be able to take or make payments including Direct Debits or credit transfers.
Bank Wizard uses information from the banks and applies algorithmic checks known as modulus rules to the bank account data provided by your customers. These rules determine whether a bank account number is valid and are individual to each bank or building society that issues account numbers and they change over time. Experian’s dedicated data management team ensure that Bank Wizard is always up-to-date to accurately provide the information you need.
Confirming the ownership of bank accounts for over 10 years