BankersAccuity, the global standard for payment efficiency and compliance solutions, continues to refine and expand the capabilities of IBAN Complete, the industry’s most comprehensive IBAN payments solution. In preparation for the February 1st 2014 SEPA compliance end date, IBAN Complete incorporates the checking rules needed for IBAN validation and conversion, including rules defined on country and increasingly, bank-specific levels.
Gradually more countries within the 28-member SEPA zone are beginning to anticipate the ‘next phase’ of SEPA implementation — moving from high-value cross-border payment efficiency to more domestic, intra-market payment challenges.
On June 3rd 2013, the Deutsche Bundesbank published an overview of the rules governing the migration from national payment formats to SEPA-compliant payment messages within Germany. To effectively process payments following the February deadline, banks and financial institutions must go beyond simply combining legacy account number, bank branch code, checksum and country code to incorporate newer, enlarged bank branch code rules as detailed in the Bundesbank’s Übersicht der IBAN-Regeln (Overview of IBAN Rules).
“As the deadline for SEPA compliance approaches, more and more countries are starting to think about what the next phase of SEPA means for both domestic and global payment systems,” said Sarkis Akmakjian, Associate Director of Product Management for BankersAccuity. “BankersAccuity is committed to helping our customers prepare for whatever changes SEPA implementation brings by offering the right tools, the right data and the right solutions for payment straight through-processing.”
As the leading provider of SWIFT-connected BICs for every IBAN, BankersAccuity delivers solutions that efficiently process IBAN payment transactions and reduce the amount of time and money spent on errors and repairs. With IBAN Complete, organisations enjoy the most accurate payment instructions available anywhere to flag incorrect data, eliminate incorrect payment instructions and save money and time with higher rates of payment straight-through-processing.