RBS Selects Experian for Global Payment Validation and IBAN Conversion
The Royal Bank of Scotland (RBS) has selected Experian to provide a range of global payment validation and data conversion services to the bank’s corporate customers. The agreement enables RBS’ corporate customers to make single euro payments area (SEPA)-compliant payments and ensure payments reach the correct beneficiaries anywhere in the world.
As the migration to SEPA services gathers pace, banks and their corporate customers will no longer be able to use domestic Basic Bank Account Numbers (BBANs) in their domestic and cross-border euro payments. Failing to submit payment details in the correct format may incur additional charges plus additional fees for correcting the information.
Using Experian’s data conversion service, RBS’ corporate customers will be able to check and cleanse bank account details in bulk and then convert them from domestic BBANs into the required International Bank Account Numbers (IBANs) and corresponding Bank Identifier Codes (BICs) for all domestic and cross-border payments under SEPA. This will also enable corporates to improve the straight-through processing (STP) of payment instructions and benefit from lower cost euro payments.
Wilco Dado, head of global payments at RBS, said: “Through Experian we will be able to provide our customers with a range of services that allow them to mitigate against the cost and risk associated with continual changes in the global payments market. This new service will allow our corporate customers to validate and convert bulk data files and to validate bank account data at the point of data entry. As a result, customers will be able to successfully route payments via SEPA or other routing mechanisms, whilst completing any missing information required for worldwide payments.”