Ascend announces the launch of Checker for IBAN to BIC conversion

London – 1st March 2007

Cross-border payment specialist, Ascend Global Solutions has today announced the addition of Checker to its suite of J2EE products.

Checker is a web-based tool designed specifically to mitigate the effect of the recent BIC to IBAN initiative which requires that all Euro payments must have valid branch and account numbers to avoid the risk of rejection and penalty charges.

Checker performs an initial check to ensure that the customer IBAN structure is valid and then deconstructs the IBAN to automatically extract the beneficiary bank, branch, routing bank and correspondent bank details. It has multi-language capability built in, thus providing banks and/or customers with the ability to choose the language in which they wish to view screens.

Checker also has built-in reference data which drastically increases STP for payments and provides huge savings on charge backs and the costs of manual repairs. It can be used as a standalone solution or integrated with any back-office or Customer Portal, thus extending the life of legacy payment systems or enhancing the performance of replacement back-office systems. Checker provides a risk-free, rapid and cost-effective solution to meet immediate SEPA requirements without the need for expensive and time-consuming programming changes.

Ascend offers a comprehensive range of J2EE solutions and products that are flexible in their implementation, deployment and acquisition, allowing clients the opportunity to significantly reduce processing costs and increase productivity particularly in advance of SEPA.

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