Helping banks to successfully reconcile bill payments

When people pay bills from their bank account they want to be sure that their payment will reach the correct account for their suppliers. If this does not happen their supplier will not know they have been paid and chase for payment – for the person who believes they have paid this is a poor customer experience. Banks and other financial institutions have responsibility for ensuring that payments are reconciled to the correct supplier account, but with suppliers having many accounts this isn’t always easy. By making the link between a supplier’s account and their reference data, Bank Wizard for Bill Payments helps make sure more payments are reconciled first time.

Who's it for?

Any bank or financial institution that is keen to make sure bill payments are reconciled to the correct account.

Key features

• Ensures more payments are reconciled first time
• Faster overall settlement times for improved supplier cash flow
• Customers are not chased by suppliers for bills they have already paid
• Banks do not have un-reconciled payments to manage
• Customers do not form a poor opinion of their bank, who hasn’t correctly applied a payment

How it works

Bank Wizard for Bill Payments collects and maintains the reference data for suppliers and aligns it to their accounts. This helps the banks to ensure that payments are reconciled to the correct supplier account. Bank Wizard for Bill Payments is integrated into a bank’s own systems where it is maintained and regularly updated by Experian’s dedicated data team.