Payments Council Appoints Experian to Create and Manage Database
The UK Payments Council has appointed Experian to create and maintain an industry database of corporate customers’ payment information. The central biller database, which will improve the accuracy of payments made using online and telephone banking, is scheduled to go live in late 2012.
Experian will collect, verify and standardise information from banks on how their corporate customers (billers) receive payments. The full database is to be used by banks to make it easier for online and telephone banking customers to find accurate information when paying their bills – for example via simplified drop-down menus. The service will also benefit billers, who will find it easier to reconcile incoming electronic payments by providing more accurate billing information for customers to use.