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Accuity updates IBAN Connect

01 October 2007  |  1579 views  |  0 Source: Accuity

Accuity, a leading provider of financial industry data, software and services for the compliance of single euro payments area (SEPA) initiatives, today announced an update to IBAN Connect.

IBAN Connect is an application that uses the firm's IBAN File to enable institutions to repair and validate IBAN payment information minimizing the amount of manual labor required to achieve higher payment straight through processing (STP) rates. To better meet the needs of the company's diverse client base, two versions of the product are now available - IBAN Connect and IBAN Connect for ERP.

Both versions allow clients to check the validity of an IBAN in either batch or real-time modes. However, IBAN Connect provides access to the Accuity database through the Web and also enables clients to create an IBAN. With IBAN Connect for ERP, the application is installed, along with the IBAN File, into clients' enterprise resource planning (ERP) systems.

Using the data contained in the IBAN File, both IBAN Connect and IBAN Connect for ERP automatically scrub beneficiary payment information to ensure that records requiring an IBAN have one present. The two versions of IBAN Connect also verify that IBAN strings have a valid length, bank/branch code and check digit for the provided Basic Bank Account Number or BBAN. Finally, the tools ensure that the SWIFT/BIC provided for the beneficiary is the correct SWIFT-connected BIC needed for IBAN payment processing.

"Since companies doing business with European banks have strict IBAN processing requirements that complicate the processing of cross-border payments, clients need IBAN solutions that can provide the most accurate data possible," said David Leverenz, director of product management and development for Accuity. "Our updated IBAN Connect products offer such solutions that can fit into any system, including ERP systems, and assist in facilitating IBAN payments."

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