Accuity Releases IBAN Connect
SKOKIE, IL – October 1, 2007 – Accuity, a leading provider of financial industry data, software and services for the compliance of single euro payments area (SEPA) initiatives, today announced an update to IBAN Connect.
IBAN Connect is an application that uses the firm’s IBAN File to enable institutions to repair and validate IBAN payment information minimizing the amount of manual labor required to achieve higher payment straight through processing (STP) rates. To better meet the needs of the company’s diverse client base, two versions of the product are now available – IBAN Connect and IBAN Connect for ERP.
Both versions allow clients to check the validity of an IBAN in either batch or real-time modes. However, IBAN Connect provides access to the Accuity database through the Web and also enables clients to create an IBAN. With IBAN Connect for ERP, the application is installed, along with the IBAN File, into cleints’ enterprise resource planning (ERP) systems.
Using the data contained in the IBAN File, both IBAN Connect and IBAN Connect for ERP automatically scrub beneficiary payment information to ensure that records requiring an IBAN have one present. The two versions of IBAN Connect also verify that IBAN strings have a valid length, bank/branch code and check digit for the provided Basic Bank Account Number or BBAN. Finally, the tools ensure that the SWIFT/BIC provided for the beneficiary is the correct SWIFT-connected BIC needed for IBAN payment processing.
“Since companies doing business with European banks have strict IBAN processing requirements that complicate the processing of cross-border payments, clients need IBAN solutions that can provide the most accurate data possible,” said David Leverenz, director of product management and development for Accuity. “Our updated IBAN Connect products offer such solutions that can fit into any system, including ERP systems, and assist in facilitating IBAN payments.”
About Accuity
Accuity, a SourceMedia company, is a leading provider of data, software and services that allow organizations, across multiple industries, to maximize efficiency and facilitate compliance of their transactions.
As the Official Registrar of ABA Routing Numbers since 1911, Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services.
For more than 150 years our worldwide clients, located in over 150 countries, include C-level executives, managers, and technology professionals. The solutions and services we provide are packaged in multiple formats to serve their diverse needs.
About SourceMedia, Inc.
SourceMedia provides market information, including news, analysis, and insight to the financial services and related industries such as accounting and technology, through its publications, industry-standard data applications, seminars and conferences. Its flagship publications, including American Banker, National Mortgage News, The Bond Buyer, and Accounting Today, have helped build SourceMedia’s reputation as the pre-eminent information source in its respective markets. Consulting services, software, and data provided through its two divisions, National Regulatory Services (NRS) and Accuity, facilitate regulatory compliance, funds registration and data flow among institutions in the investment, insurance, and banking industries.
The news, information, integrated data, consulting services, and marketing solutions SourceMedia delivers is packaged in any format customers prefer and need – in person, in print, or online, including newspapers and magazines, reference directories, database products, software, Web seminars and live events.
SourceMedia’s 750,000 worldwide clients and subscribers range from C-level executives to business-unit heads to line managers – from the front office to the middle office to the back office. SourceMedia employs more than than 1,000 employees worldwide, with headquarters in New York and offices in Chicago, Washington, DC, and London.
