Bank of America Merrill Lynch (BofA Merrill) has selected Accuity’s international bank account number (IBAN) conversion and validation solutions to help corporate clients successfully meet the compliance challenges of the single euro payments area (SEPA) initiative. These solutions can help reduce the cost to clients of processing eurozone payments by automatically converting legacy account details into valid IBANs and correct routing Bank Identifier Codes (BICs).
By submitting payment transactions that contain the correct IBAN and routing BICs, BofA Merrill’s clients should benefit from higher rates of payment straight-through processing (STP) and experience a reduction in the inefficiencies associated with payment errors and repairs.
The referral agreement with Accuity is part of BofA Merrill’s multi-year investment in new technology and supports the company’s continued focus on treasury management, corporate banking and other businesses in key global markets.
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