Experian Partners with Clear2Pay for Banks' End-to-end Payment Processing

Experian has entered into a partnership with Clear2Pay, the Brussels-headquartered payments technology company to embed Bank Wizard, Experian’s bank account and validation software, in Clear2Pay’s Open Payment Framework (OPF), an end-to-end payment processing system used by European banks. Bank Wizard is designed to undertake bank account validation for banks and corporates operating internationally to minimise errors by enabling customers to check the validity of bank details before a payment is sent to a clearing house or another bank. Jon Burghart, sales director at Experian Payments, said: “Bank account validation is becoming even more important for banks with new payment channels, such as the single euro payments area (SEPA), emerging. As a result, it is crucial that banks can rely on their payments processing systems to reduce the number of rejected payments as these have a direct impact on administration costs and customer service.”

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