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Payment Solutions

SEPA Operations

Processing cross-border payments in Europe can be a daunting task. Without the correct SWIFT/BIC, payments will be delayed—wasting time and money. Companies doing business with European banks need to take steps toward Single Euro Payments Area (SEPA) compliance in order to ease cross-border payments and meet the straight through processing (STP) requirements for SWIFT’s MT103+ messaging standards.

Accuity’s SEPA Operations solutions improve the processing of SEPA payment transactions by confirming the structure of IBANs before the transactions are processed. These tools also provide the fundamental structure to help you with your SEPA compliance initiatives’ facilitating cross-border payments and much more:

  • Saving money and increasing efficiency with must-have solutions for IBAN data verification
  • Reducing the amount of time your business spends researching and correcting cross-border transactions
  • Assisting in effortless and error-free IBAN payment processing

Accuity’s SEPA Operations solutions deliver essential routing information that smoothes processing for any transaction volume. With Accuity, you can be sure that your payment transactions will be right the first time resulting in better payment STP rates and reduced fees.

  • IBAN Payment Resource—This tool locates, identifies and validates structures of IBANs for any country. IBAN Payment Resource also allows users to deconstruct the IBAN to validate the structure including the legacy account number (LAN). And, with an optional feature, this tool can even generate IBANs to help avoid obstacles that slow payment processing.
  • IBAN File by Accuity—Designed to meet the payment straight through processing requirements for SWIFT’s MT103+ messaging standards, the IBAN File makes one-to-one IBAN matches for error-proof results.
  • IBAN Connect—Unique to the marketplace, IBAN Connect repairs and validates IBAN payment information to increase payment STP rates and ensure accurate and successful financial transactions. Available in two formats:

    • IBAN Connect checks the validity of IBANs through a remote Web service, using Accuity’s IBAN data and verifies that the IBAN has a valid length, bank/branch code and check digit for the provided basic bank account number (BBAN). In addition, this tool provides the SWIFT/BIC associated with the bank/branch code and an override or routing SWIFT/BIC necessary for processing the IBAN.

    • IBAN Connect—ERP is designed for use within an ERP system to repair IBANs for outgoing payments and customer and vendor master lists. Using the data contained in Accuity’s IBAN File, IBAN Connect-ERP scrubs beneficiary payment information to ensure that records requiring an IBAN have one present and that the SWIFT/BIC provided is the correct connected SWIFT/BIC needed for IBAN payment processing.

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