Unified Software successfully pioneered BankVal UK in 2004, as an automatic solution to bank validation. The web service saves customers time and money by verifying account details for trouble free payment processing, eliminating rejected payments and ensuring Direct Debits and BACS payments work first time.
BankVal Uk v2 is a recently enhanced version of this software to check if bank accounts have faster payment facilities before starting to process payment. Having been in the pipeline for four months, the enhanced software was created to take into account the Â£300m Faster Payments Service allowing electronic payments to be made within hours rather than days.
George Barron, Managing Director at Unified Software comments:
âThe Â£300m Faster Payments Service (FPS) was launched in May 2008 by 13 top banks and our enhanced product sits perfectly with the way the market is progressing. Since the focus of FPS is on speed, validation is more important than ever before. Customers now rely on being able to make payments in near real time, but invalid data will prevent this from happening, BankVal UK v2 is a successful and cost effective solution to this.â
FPS aims to benefit businesses by improving cash flow and allowing for improved financial management. George added: âThe service largely focuses on lower value transactions and is therefore beneficial for small businesses and individual customers.â
True to its values of providing unrivalled customer service, Unified Software has also launched Bank Val Server. This new development offers businesses a bank account validation system that can be hosted using their internal IT infrastructure providing greater flexibility by using the businesses existing server.
Offering the same functionality as BankVal UK, the newly launched bank account validation system is hosted on a customerâs machine and can be deployed as a conventional application or as a web service. George commented: âThrough pioneering BankVal throughout the UK and abroad, we have an excellent understanding of our customerâs needs. We feel that launching BankVal UK Server offers an alternative for those businesses that prefer to keep all management systems in house.â