Source: Accuity
Accuity, a leading provider of payment routing data, AML screening software and services today announced an agreement to become the first authorized re-distributor of Bank Identification Codes (BICs) under SWIFT's new data licensing scheme.
In addition to collecting these codes directly from banks worldwide, Accuity will now receive a direct feed from SWIFT, the assigning authority for BICs.
"We are very pleased to announce this agreement with SWIFT," said Robert McKay, managing director of business development for Accuity. "The integration of SWIFT's BIC information with our payment reference data products will provide our customers a cost-effective, comprehensive and easy to use solution for global payments. Accuity delivers data solutions that are accurate and have the highest quality. These solutions significantly reduce transaction error rates, meaning fewer bank charges and faster completion of funds transfers and ensure the highest levels of payment STP rates."
Accuity augmented its own collection efforts with this SWIFT agreement considering the pace of changes created in the market due to expanding global supply chains and initiatives like the Single Euro Payments Area (SEPA). Accuity receives the data feed directly from SWIFT and utilizes it in Accuity's globally oriented payment reference data products, including Global Payment File (GPF) and The Global Banking Resource (TGBR), as well as SEPA products such as the IBAN File and IBAN Payment Resource.