Accuity Expands IBAN Payment Resource for Payment STP
Accuity has launched version 2.2 of IBAN Payment Resource, its online look-up tool for validating and converting international bank account numbers (IBANs). The new version offers account number decryption and BBAN-to-IBAN conversion enabling users to improve their payment straight-through processing (STP) rates and research efficiency.
This release allows users to save money by expanding their payment routing choices and increasing payment STP. IBAN Payment Resource now returns the local account number as part of each query response in addition to providing the bank name, address, country, bank branch code and assigned and routing SWIFT/BICs. This increased flexibility assists in complying with single euro payments area (SEPA) mandates that require an IBAN for payment processing.
“The key to increasing STP rates for IBAN payments is access to the right tools having the right functionality which are fuelled by the right data,” said Malcolm Taylor, managing director, EMEA and APAC for Accuity. “This new version of IBAN Payment Resource offers that exact combination, and further demonstrates our ongoing commitment to helping our customers who do business in the SEPA region.”