Accuity is pleased to introduce IBAN Connect, a complementary application to the firm's IBAN File, which enables corporate institutions to repair and validate IBAN payment information within an ERP system and minimize the amount of manual labor required to achieve higher STP rates.
IBAN Connect, a product that is unique in the marketplace, allows clients to load Accuity's IBAN File into their ERP systems and use the data for a variety of functions. Using the data contained in the file, IBAN Connect automatically scrubs beneficiary payment information to ensure that records requiring an IBAN have one present. IBAN Connect also verifies that IBAN strings have a valid length, Bank/Branch code and check digit for the provided BBAN. Finally, IBAN Connect ensures that the SWIFT/BIC provided for the beneficiary is the correct SWIFT-connected BIC needed for IBAN payment processing.
Once an initial filter of beneficiary records has taken place, customers can continue to use IBAN Connect to validate active payment instructions. Each time a payment is initiated requiring an IBAN, IBAN Connect will re-confirm the payment information. If there has been a change in the payment information, IBAN Connect will provide users with a method for investigating, verifying and correcting any changed payment information.
"Accuity recognizes that ERP systems are central to our corporate customers' business processes," said David Leverenz, director of product management and development for Accuity. "Developing products that can improve STP rates such as IBAN Connect and our recently-launched Global Payment File for ERP will continue to be a major focus for us."