Albany Software, a pioneering developer of electronic payment solutions, today announces the launch of eVERIFY onLINE; a fast, accurate and secure web-based bank account validation service.
This online service is accessible from an organisation's existing solution allowing businesses to cross-check bank account details against the Extended Industry Sorting Code Directory (EISCD), reducing the high error rates associated with data entry, accelerating the payment process and highlighting inaccuracies at point of entry.
eVERIFY onLINE is available as an API (Application Programmers Interface) and is designed to provide organisations with validation at point of data entry from within their core accounting, ERP or CRM application. The service offers validation for all UK bank accounts by looking up the sort code in the EISCD and then undertaking a 'modulus' check of the account number against that sort code. The service can identify the BIC and IBAN associated with the UK banking information entered and will also highlight which payment methods are supported - Direct Debits, CHAPS, Faster Payments etc.
The web-based validation tool is offered to customers and resellers on a pay per validation basis, allowing organisations to harness critical validation technology without the financial and technical overhead of installing software on their existing IT infrastructure.
Adrian Stafford-Jones, Managing Director of Albany Software, comments, "Through eVERIFY onLINE, salary and invoice payments or DD collections can be prepared without interruption or delay, further strengthening supplier, employee and customer relations. Bank charges are also reduced because fewer transactions fail and the potential for fraud is minimised as details are checked in an instant. eVERIFY onLINE provides an easy , flexible, efficient and cost-effective service for any business."
Inputting financial information into a web-based service is a complex and challenging task due to the security ramifications. Albany's eVERIFY onLINE offering guarantees customers' full security through data encryption and deletion of data once validation is complete. This level of protection gives businesses the opportunity to confirm bank account information through a service environment without compromising business security.
In line with the launch of eVERIFY onLINE, the Payments Council recently announced its new accreditation scheme to help UK businesses reduce the risk of using incorrect sort code details on automated payments. This new scheme recognised that delayed or rejected payments are an inconvenience to businesses, especially in today's economic climate. Always at the forefront of industry developments, Albany has submitted its application to gain accreditation as an approved supplier for both its online service and it's on premise validation solution - eVERIFY.
Stafford-Jones, concludes, "Comprehensive data validation is imperative in order to achieve quick and successful payment transfers and to reduce the costs associated with payment failures. eVERIFY onLINE performs fast and accurate validation at the touch of a button, significantly reducing error rates, meaning fewer bank charges and faster completion of funds transfers. The opportunity for customers to access this online service on a pay-per validation basis via an API provides a compelling offering for businesses in an age of austerity."