15 December 2017
visit www.aciworldwide.com

RBS chooses Experian for global payment validation and IBAN conversion services

07 October 2010  |  8431 views  |  0 Royal Bank of Scotland

Royal Bank of Scotland (RBS) has selected Experian to provide its corporate customers with global payment validation and data conversion services, enabling them to make Sepa-compliant transactions.

As the migration to Sepa services gathers pace, banks and their corporate customers will no longer be able to use domestic Basic Bank Account Numbers (BBANs) in their domestic and cross-border euro payments.

Experian says that by using its Data Conversion service, RBS' corporate customers will be able to check and cleanse bank account details in bulk and then convert them from domestic BBANs into the required International Bank Account Numbers (IBANs) and corresponding Bank Identifier Codes (BICs) for all domestic and cross-border payments under Sepa, improving straight-through processing and lowering costs.

Meanwhile Bank Wizard, the vendor's global validation software, will allow RBS customers to instantaneously validate account details and find the correct BIC in up to 228 countries and territories worldwide. The technology will reduce the costs and delays associated with reprocessing failed payments, whilst at the same time improving customer service levels, says Experian. Corporates will also find payment routing more effective by moving away from higher cost wire payments to Sepa or ACH, worldwide.

Wilco Dado, head, global payments, RBS, says: "Through Experian we will be able to provide our customers with a range of services that allow them to mitigate against the cost and risk associated with continual changes in the global payments market. This new service will allow our corporate customers to validate and convert bulk data files and to validate bank account data at the point of data entry. As a result, customers will be able to successfully route payments via Sepa or other routing mechanisms, whilst completing any missing information required for worldwide payments."
KeywordsSEPA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

RBS axes 500 back office jobs at investment banking unit

RBS axes 500 back office jobs at investment banking unit

28 September 2010  |  9315 views  |  0 comments
HSBC taps Experian for global data integration

HSBC taps Experian for global data integration

09 August 2010  |  8093 views  |  0 comments
Sepa migration deadlines: dates floated but no decision

Sepa migration deadlines: dates floated but no decision

10 June 2010  |  10861 views  |  0 comments
European Commission moves closer to enforcing Sepa end-game

European Commission moves closer to enforcing Sepa end-game

01 October 2009  |  8724 views  |  2 comments
Sepa still looms large for UK corporates - survey

Sepa still looms large for UK corporates - survey

10 August 2009  |  7078 views  |  0 comments
Payment systems users warn of risks of Sepa failure

Payment systems users warn of risks of Sepa failure

21 July 2009  |  10843 views  |  4 comments
Experian in talks to sell French processing units

Experian in talks to sell French processing units

10 September 2008  |  11712 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.niceactimize.comvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10177 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9240 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8885 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7580 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7204 views comments | 15 tweets | 24 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job