With a global customer base you need to be sure that you efficiently make or take payments from your customers without causing them inconvenience. Bank Wizard Global helps you validate IBAN and bank account data you collect or hold in real time before payment is initiated. Bank account data changes over time, with many changes being created by the implementation of the Single Euro Payments Area (SEPA).
By using Bank Wizard Global you can ensure you only use valid bank account data that is in the correct International Bank Account Number (IBAN) format to comply with SEPA and other international payment standards.
Bank Wizard Global is a vital tool for organisations making or taking payments in multiple countries including direct debits and credit transfers. It is particularly useful for those who need to check that the bank account data they hold is in the right format for SEPA.
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.