Eiger Systems, an Experian company and a leading developer of strategic payment solutions, has announced that over 80% of all SWIFT(1) payments traffic(2) can now be validated by BANK WIZARD, its enterprise data validation solution.
BANK WIZARD now provides international payment routing information (BIC(3) and BBAN(4) or BIC and IBAN(5) data) for over 40 countries that generate more than four fifths of all SWIFT payments traffic, including those of the European Union. By enabling banks and corporate organisations to provide the correct BIC, BBAN and IBAN data when initiating cross-border payments, BANK WIZARD helps reduce the cost of cross-border transactions and facilitates bank and corporate compliance with current regulatory initiatives.
âWith this latest extension to BANK WIZARDâs functionality, Eiger Systems is demonstrating its stated aim to become a significant player within the global payments community,â explains Jonathan Williams, Principal Market Strategist at Eiger Systems.
âGiven the rapid growth in global payments traffic and projections of this growth continuing(6), we believe that it is essential for our data validation solutions to have global application. Moreover there are indications that the standards required of cross-border payments traffic may in time come to apply to domestic payments too(7). If this happens, BANK WIZARD is already compliant.â
The BANK WIZARD cross-border module is a further option for BANK WIZARD that provides international payment routing information in addition to domestic bank account validation and is also enhanced with additional country specific data. Currently the BANK WIZARD cross-border module covers the 25 Member States of the EU, the four countries that comprise the EFTA(8) plus Andorra, Australia, Bosnia and Herzegovina, Bulgaria, Canada, Croatia, Hong Kong, India, Mexico, New Zealand, Romania, Serbia, Singapore, South Africa, Thailand, Tunisia and the United States of America.
Further BANK WIZARD country modules are currently being developed. Country extensions may be used as standalone modules or integrated with other country modules to provide users with optimum flexibility in support of multiple domestic and cross-border payment systems.