E-transactions software author, Albany Software, today launches eVERIFY, a new web-based application which offers instant validation of BIC and IBAN details, enabling accurate pan-European funds transfers.
The use of Bank Identification Codes (BICs) and International Bank Account Numbers (IBANs) is now mandatory for Euro cross-border payments. Furthermore, as of January 2007 banks are able to reject payments from corporate organisations that do not include valid BIC and IBAN data.
This, together with the associated rising costs and penalties of submitting payments with incorrect BIC and IBAN data, necessitates the need for validation at an early stage of the funds transfer process.
Adrian Stafford-Jones, Founder and Managing Director at Albany Software, comments, "Comprehensive data validation is now imperative in order to achieve successful pan-European payments and to reduce costs associated with payment failures. eVERIFY performs fast, accurate BIC and IBAN validation at the touch of a button, significantly reducing error rates, meaning fewer bank charges and faster completion of funds transfers."
Stafford-Jones continues, "Once validation checks are complete, eVERIFY will inform of any failures, returning details of incorrect BICs and IBANs. These warnings prevent submission of invalid details when making pan-European payments, therefore significantly reducing penalties for inaccurate BICs and IBANs."
eVERIFY is provided as a web-based service, which has the flexibility to be accessed via a range of different applications. eVERIFY can be integrated within existing web applications, such as an internal intranet site or corporate web site, for use when customers are completing online payment forms. Alternatively, eVERIFY can be built into a company's server applications, such as a CRM solution, offering the ability to validate details at point of entry onto a customer database, greatly improving data accuracy.
Stafford-Jones concludes, "Simple, fast and effective, eVERIFY is one of the most comprehensive solutions available for improving the accuracy of information associated with pan-European payments and collections, saving businesses valuable ee time and money."