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Accuity Releases Comprehensive Payments Solution for IBAN and SEPA Compliance

• IBAN Complete offers a single solution for IBAN conversion, validation and routing BIC identification

• New product enables banks and corporates to comply with European mandates

Accuity, the leading provider of payment routing data, AML data and screening software and services, has today announced the release of IBAN Complete, the most comprehensive solution for IBAN and SEPA (Single Euro Payments Area) payments.

As both banks and corporates look to implement systems to meet SEPA standards, Accuity is launching IBAN Complete, a much-needed solution to facilitate SEPA-compliant payments. Leveraging its central role between global banks, government agencies, central banks and issuing authorities, Accuity is uniquely able to deliver high-quality data and ensure the accuracy of the IBAN conversion and validation process.

“As banks and their corporate customers continue to prepare for SEPA, we’ve identified a significant need for a comprehensive solution for IBAN conversion and validation,” notes Hugh Jones, president and CEO of Accuity. “We believe that this need will only continue to grow as SEPA progresses.”

IBAN Complete converts national bank account details to IBANs; validates IBANs using multi-layered proprietary processes; and supplies valid routing BICs for all IBAN-compliant countries. In addition to full-service functionality, IBAN Complete provides four convenient delivery options:

• A secure Internet-based tool that validates and converts IBANs in both single look-ups and batches, improving payment straight through processing (STP) rates.

• A remote Web service connecting the client’s existing user interface with Accuity’s IBAN data and tools, seamlessly delivering IBAN validation and conversion functionality to in-house payment applications.

• An embedded deployment option that enhances a client’s internal applications with IBAN conversion and validation capabilities. These are hosted behind the company’s firewall.

• An outsourced service that repairs payment files and converts legacy account information, returning a refreshed file that can be used immediately along with a detailed report, further improve payment efficiency.

IBAN Complete is founded on Accuity’s data expertise. Accuity employs dedicated personnel worldwide who process, update and maintain information on financial institutions around the globe. Through close alliances with key financial institutions, payment service providers, industry bodies including the Euro Banking Association (EBA) and its role as the official provider of the SEPA adherence database, on behalf of the European Payments Council (EPC), Accuity ensures the accuracy of the IBAN conversion and validation processes.

“There are any number of tools that banks and corporates can access to address IBAN payment compliance issues,” said Robert McKay, Managing Director of Accuity, “however Accuity’s IBAN Complete is unique in its comprehensiveness. It is the only solution that offers the full suite of validation and conversion capabilities needed for IBAN STP. With delivery options that meet the full spectrum of our customers’ access requirements and support from such an extensive research arm, IBAN Complete is truly a one-stop solution for IBAN payments.”