Payments firm Experian has introduced a new nationwide International Bank Account Number (IBAN) and Bank Identifier Code (BIC) look-up service for all Dutch citizens and corporates. Developed and operated by Experian to meet the requirements of Nederlandse Vereniging van Banken (Netherlands Bankers’ Association – NVB), the service will speed up migration to the single euro payments area (SEPA) initiative by ensuring individuals and businesses have the correct bank and account data to make successful payments within the Netherlands and across the eurozone.
Many Dutch individuals and corporates are not in a position to take advantage of the benefits of SEPA because their payment instructions currently do not include IBANs and BICs, which are mandatory for SEPA compliance. NVB has taken the initiative by providing a single, co-ordinated solution that all Dutch banks can offer to their retail and corporate customers.
Jim Conning, managing director, Experian Payments, said: “SEPA is fundamentally changing the whole European payments landscape. This service for all Dutch citizens and businesses will support a successful migration to SEPA. In addition, Experian’s bank account validation system, Bank Wizard, can help businesses with their migration of account records outside the Netherlands. We also have the European footprint to provide similar services to other EU banking communities who want to facilitate the move to SEPA payments smoothly.”
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