Source: Albany Software
Albany Software, a pioneering developer of electronic payment solutions, today announces it's the first company to receive Payments Council accreditation for its on-premise and online bank account validation software - Albany eVERIFY.
On the 20th of January 2011 the Payments Council launched The Sort Code Validation Accreditation Scheme to ensure that commercial companies providing sort code validation products on a subscription or 'pay-per-use' basis to UK businesses, deliver regular, up-to-date and correct information. This official approval from the Payments Council demonstrates Albany Software's continued dedication to deliver the latest in payments technology.
Albany eVERIFY allows 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. This solution provides 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 solution also identifies the BIC and IBAN associated with the banking information entered and will highlight which payment methods are supported - Direct Debits, CHAPS, Faster Payments etc.
Albany eVERIFY is available as a standalone, API (Application Programmers Interface) or online application and is designed to provide organisations with the option of confirming bank details independently or from within their core accounting, ERP or CRM application.
Adrian Stafford-Jones, Managing Director of Albany Software, comments, "Albany Software has consistently led the way in terms of new payment technology and we are therefore very proud to uphold this and be the first company to achieve Payments Council Sort Code Validation Accreditation. At Albany Software we continue to work hard to develop solutions that greatly assist organisations in automating and streamlining the payments and collection processes for organisations of all sizes across varying sectors."