Accuity Discusses SEPA ‘IBAN Only’ Regulation in a World Beyond the Eurozone

Amsterdam - 12 May 2015

Accuity, a leading global provider of financial data for over 175 years, will attend the EBAday conference in Amsterdam. Addressing the global payments audience, Accuity will present solutions for SEPA compliance and ’IBAN only‘ regulation, as well as KYC and compliance solutions for anti-money laundering (AML) and sanctions screening.

There was a clear adoption of standards set by the European Payments Council in 2014 for Euro payments across the Single Euro Payments Area (SEPA). The next major facet of the SEPA regulations comes into effect in 2016 when banks may no longer compel their originating customers to provide a Bank Identification Code (BIC). That is, customers only need to provide an IBAN.

“SEPA instituted some real game changers in the payments world. Considering the burden that banks had to take on in terms of adopting SEPA, it was a challenge to assume additional costs in changing systems to accommodate ‘IBAN only’ as well. However, the ‘IBAN only’ rule fits very well into a world where the use of online payment systems is becoming more prevalent, and online payment system product offerings are proving to be a differentiator in the market for financial institutions,” said Sarkis Akmakjian, Senior Director, Product Management at Accuity.

Accuity understands that processing payments in Europe can be a daunting task. Accuity’s IBAN Complete solution is designed to provide complete information for SEPA- and IBAN-compliant payment messages. As the leading provider of BICs for every IBAN, Accuity delivers a solution that helps efficiently process IBAN payment transactions and reduce the amount of time and money spent on errors and repairs.

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