Accuity has announced an update to IBAN Connect, an application that uses the firm’s IBAN File to enable institutions to repair and validate IBAN payment information minimising the amount of manual labour required to achieve higher payment straight-through processing (STP) rates. 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 (BBAN). Finally, the tools ensure that the SWIFT code/BIC provided for the beneficiary is the correct SWIFT-connected BIC needed for IBAN payment processing. Accuity has also recently released a new version of its IBAN verification solution, IBAN Payment Resource. This is the company’s IBAN look-up application that offers quick and easy access to all the information needed to efficiently process IBAN payment transactions in compliance with SEPA initiatives. Designed to improve operational efficiency and payment STP rates by providing crucial connected SWIFT/BIC IDs for all national bank codes, the new version of IBAN Payment Resource includes significant search and reference section enhancements. Accuity claims it has improved the efficiency of look-ups by providing IBAN validation and bank branch information with each search. In addition, the newly redesigned home page now includes a calendar of global banking holidays, a link to world time zones and a convenient listing of industry events.
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