Bank Wizard is Experian Payments’ unique service and software solution specifically developed to undertake bank account validation. Designed to be easily embedded within existing applications, Bank Wizard ensures that errors are kept to an absolute minimum. The solution allows users to check the validity of bank details prior to submission to an automated clearing system such as BACS or EBA STEP 2.

Error rates in bank account details at the point of capture, where bank account validation has not taken place, can be as high as 8%*, resulting in rejected payments that can have a direct impact on administration costs and customer service. Bank account validation using Bank Wizard continually ensure that bank account errors are kept to an absolute minimum for over 600 of the largest users of automated payment solutions including BT, The Carphone Warehouse and Dollond & Aitchison.

* UK figures, error rates are usually between 2% and 8%.

Summary of features