JPMorgan Treasury Services to Offer IBAN Conversion Across 31 Countries
JPMorgan’s Treasury Services business has announced the latest in a series of SEPA-related services that enables a customer to efficiently and cost effectively convert a BBAN (basic bank account number) to IBAN (international bank account number). This service will be delivered across all 31 SEPA countries through Experian, the global information services company. Experian Payments, the company’s strategic payments software provider, will check, validate and convert JP Morgan’s clients’existing domestic BBANs to the required BIC and IBAN standard, enabling customers to avoid rejection or repair of failed payments and reduce costs. The service is a comprehensive IBAN conversion offering in the market for corporates and supports improved STP rates and ease in migration into SEPA-related products. SEPA compliance across 31 countries is a critical next step in the payment harmonisation of the market place.