Eiger Systems upgrades technology to support Faster Payments initiative
28 June 2006 | 2503 views | 0
Source: Eiger Systems
Eiger Systems is pleased to announce that its leading validation solutions, BANK WIZARD and BILLER WIZARD have been enhanced to support banks implementing the Faster Payments initiative.
In addition, EigerPAY Gateway, Eiger Systems' global payments platform, is being extended to support Faster Payments for corporates.
Initially driven by the Office of Fair Trading Payments Systems Task Force in conjunction with APACS, Faster Payments will significantly increase the speed of credit transfer from one account to another. The new service will be delivered through a joint venture between LINK Interchange Network Limited and Voca Limited and will be introduced to the UK market in December 2007.
Eiger Systems will provide its industry leading validation components for Faster Payments, specialising in the areas of bank account validation and bill payment reference number validation. As payments made through the Faster Payments service will have to be confirmed to the user in under 15 seconds it is imperative that the bank account and bill payment details are correct. In addition the Faster Payments specification mandates that Industry Sorting Code Directory (ISCD) and modulus checks be performed on the beneficiary’s sort code and account number prior to transmission.
BANK WIZARD can be implemented within both banks' remote banking infrastructures and organisations' payment applications to provide comprehensive bank account checking, ensuring the destination account details are correct first time and that the account supports Faster Payments. BANK WIZARD provides significant benefits over the standard ISCD including the incorporation of transposition and modulus rules, actively researched data – exceeding that which is publicly available – and automated weekly data updates.
As bill payers will expect payments made under the Faster Payments service to be settled immediately it is important that the supporting customer reference number is also valid to ensure prompt reconciliation of payment. BILLER WIZARD ensures that rigorous checking of customer reference numbers happens at the point of data entry within remote banking systems, minimising the risk of errors and an incomplete Faster Payments service.
Eiger Systems will be enhancing EigerPAY Gateway in the future to support Direct Corporate Access to Faster Payments, which is likely to be made available to organisations in early 2008.