IBAN Data Accuracy is as Important as Format Integrity
Eiger Systems has advised the industry to pay as much attention to the accuracy of IBAN data as it does to the correct formatting of IBANs. “The industry is awash with online tools to check the correct construction of IBANs”, says Jonathan Williams, Eiger Systems’ principal market strategist. “But these tools cannot check the existence of the data to which the IBAN refers, and often fail to advise the user of this. This could create a false sense of security amongst users. There is a world of difference between correctly formatting an IBAN and ensuring that the data underlying the IBAN is correct, or even exists. Banks and corporates must make this link between format validation and data validation. Only if the data is validated at the same time that the format is validated can corporates hope to avoid repair or rejection charges and the payment delays that inevitably result. Bank Wizard from Eiger Systems is an enterprise data validation solution that provides international payment routing information for 44 countries, including the entire EU, and can help companies achieve BIC and IBAN compliance. The solution’s functionality includes a validation application and single, comprehensive source of validation data that is updated weekly and can be integrated with any transaction application on any platform with the minimum of change to legacy systems.