Accuity, a leading worldwide provider of data, software and services to the financial services industry, today introduced daily updates to its industry-leading IBAN File, helping reduce the amount of time organizations spend researching and correcting cross-border transactions and enhancing compliance with the Single Euro Payments Area (SEPA) initiative.
With countless numbers of transactions occurring around the globe, the need for accurate and up-to-date cross-border payment information is essential. In addition, rising fees due to inaccurate IBAN data is putting pressure on banks and corporations worldwide to increase efficiencies when processing IBAN payments. An increase in the update frequency of data gives Accuity customers the ability to receive data changes faster, leading to improved payment straight through processing (STP) rates and a reduction in associated costs.
"There are an incredible amount of changes related to IBANs and their connected SWIFT/BICs. Accuity recognizes that in order for organizations to maximize payment STP rates, daily updates to this information is crucial," said David Leverenz, Accuity's director of product management and development. "Accuity is dedicated to developing these types of products and services that can improve payment STP rates, reduce expenses associated with transaction error corrections and provide added value to our customers."
Accuity was first-to-market with an IBAN solution in 2001. Today, Accuity's IBAN solutions are in production at client sites worldwide.