The Single Euro Payments Area (SEPA) creates a zone in which all euro payments are treated as domestic. By removing the differences between national and cross-border payments efficiency is improved and the cost of making payments is standardised and reduced.
To make SEPA payments, bank account data must be presented in a specific format known as the International Bank Account Number (IBAN). For many organisations this means converting data from the current domestic or Basic Bank Account Number (BBAN).
Experian offers services and solutions to validate BBAN and IBAN data and convert BBAN into IBAN, as well as supplying the necessary routing information such as the Bank Identifier Code (BIC).
Our services help any organisation which needs to comply with SEPA legislation by validating and converting bank account data into the appropriate format.
We use information from global banks and other organisations to apply algorithmic checks known as modulus rules to the bank account data you hold. These rules determine whether a bank account number is valid and are individual to each bank that issues account numbers. Once the bank account data has been checked it can then be converted into the IBAN format required for SEPA.
We can help you comply with SEPA either by providing a service to convert the bank account data you hold or by providing you with a software solution. Bank Wizard is our global bank account validation solution that can check bank account data in real time as you collect or use it. Bank Wizard can be used as a standalone system or can be easily integrated into your existing systems.