Reference data provider increases coverage to improve payments efficiency
In a further development to its ongoing payments strategy Bankersalmanac.com today announces that the number of clearing codes it holds has exceeded 300,000 with coverage spread across a total of 196 countries.
Alongside its extensive European clearing information, the addition of the new codes now makes Bankersalmanac.com's coverage the widest in the industry. This provides significant benefit to users as payment volumes and their final destinations continue to increase exponentially. As part of this project, Bankersalmanac.com has also enhanced its IBAN search capabilities to help users identify the issuing bank of an IBAN and its associated payment details more easily.
As with all Bankersalmanac.com data, a dedicated team collects and checks all of the new clearing codes in addition to maintaining the existing coverage. This is done through a process which involves liaison with the official sources for the data and the issuing banks directly. Bankersalmanac.com believes that this approach alone will help it to ensure that the number of clearing codes continues to grow whilst the accuracy of the data is rigorously maintained.
Commenting on hitting the 300,000 clearing codes milestone, Ben Cleaveley, Senior Product Development Manager for Bankersalmanac.com said: "Increasing the global coverage of our clearing code data is an important and ongoing project. It further demonstrates our commitment to providing the most comprehensive source of accurate payments data available today."
Bankersalmanac.com's clearing code milestone follows on from the increase in its catergorised SSIs to 100,000, marking the second of the reference data provider's initiatives this year to aid the market in finding clarity and certainty when it comes to payments information.
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