BankersAccuity Extends IBAN Complete Ahead of SEPA Compliance End-date
BankersAccuity said that it is continuing to refine and expand the capabilities of its international bank account number (IBAN) payments solution, IBAN Complete, in preparation for the 1 February 2014 single euro payments area (SEPA) compliance end date.
IBAN Complete incorporates the requisite checking rules for IBAN validation and conversion, including rules defined on country and increasingly, bank-specific levels.
The company noted that gradually more countries within the 28-member SEPA zone are beginning to anticipate the ‘next phase’ of SEPA implementation, moving from high-value cross-border payment efficiency to more domestic, intra-market payment challenges.
On 3 June 2013, the Deutsche Bundesbank published an overview of the rules governing the migration from national payment formats to SEPA-compliant payment messages within Germany. To effectively process payments following the February deadline, banks and financial institutions (FIs) must go beyond simply combining legacy account number, bank branch code, checksum and country code to incorporate newer, enlarged bank branch code rules as detailed in its overview of IBAN rules entitled
‘Übersicht der IBAN-Regeln’
“As the deadline for SEPA compliance approaches, more and more countries are starting to think about what the next phase of SEPA means for both domestic and global payment systems,” said Sarkis Akmakjian, associate director of product management for BankersAccuity.