Accuity, the leading worldwide provider of payment routing data, AML screening software and services, has launched version 2.2 of IBAN Payment Resource, its industry-leading online look-up tool for validating and converting international bank account numbers (IBANs). The newest version offers important enhancements, including account number decryption and BBAN-to-IBAN Conversion enabling users to improve their payment straight through processing (STP) rates and research efficiency.
This release allows users to save money by expanding their payment routing choices and increasing payment STP. IBAN Payment Resource now returns the local account number as part of each query response in addition to providing the bank name, address, country, bank branch code and assigned and routing SWIFT/BICs. This feature is particularly useful for SEPA-region banks that cannot make domestic payments with an IBAN. Whether the payment needs to be sent domestically or to another country, IBAN Payment Resource provides all of the required information. Further, with the IBAN Conversion module, users now have the option of entering either a BBAN or the bank branch code and account number to obtain a properly-formatted IBAN with valid IBAN check digits. This increased flexibility assists in complying with Single Euro Payments Area (SEPA) mandates that require an IBAN f or payment processing.
Part of Accuity's suite of global payment solutions, IBAN Payment Resource offers quick and easy access to all the information needed to efficiently originate or process IBAN payment transactions. As the only vendor to provide SWIFT-connected BICs for all converted or validated IBANs, Accuity offers a complete solution with IBAN Payment Resource — without this key piece of information, an MT103+ message cannot be created. With its complete end-to-end conversion and validation capabilities, IBAN Payment Resource helps customers convert their legacy account information quickly and efficiently into payment data that's viable for IBAN transactions.
"The key to increasing STP rates for IBAN payments is access to the right tools having the right functionality which are fueled by the right data," said Malcolm Taylor, Managing Director, EMEA and APAC for Accuity. "This new version of IBAN Payment Resource offers that exact combination, and further demonstrates our ongoing commitment to helping our customers who do business in the SEPA region."
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