Cloud-based payments provider, Bottomline Technologies, has announced the extended international validation capabilities of V-Series, the technology platform that enables real-time validation and verification of bank account details to combat fraud.
This latest update allows V-Series to deliver comprehensive validation and conversion between International Bank Account Numbers (IBAN) and Domestic Account details. V-Series converts Domestic Accounts into the equivalent valid IBAN, minimising customer disruption and avoiding costly payment repair fees.
Jim Conning, Director of Payments at Bottomline Technologies, said: “Under SEPA rules corporates must make all their bulk Euro payments in the ISO 20022 format including an IBAN and Bank Identifier Code (BIC) by February 2014. To be compliant with the new rules, organisations need to convert their existing employee, customer and supplier data from the old domestic format into the new ISO standard including an IBAN.”
“Worryingly, we are seeing many organisations using instructions generally available on the internet to carry out their domestic to IBAN conversions. With only a 75% accuracy rate, ‘DIY’ conversions are costly, as the Banks will charge corporates an un-capped fee to repair each and every incorrect IBAN.”
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