Articles published on this website prior to October 2012 have been archived, and some information and links may be out of date. This follows the acquisition of Albany Software by Bottomline Technologies in September 2012.
Published on Tuesday, July 10, 2012
Delayed or rejected transactions can incur significant and unnecessary costs to your business. That's not just penalty fees, but resource and time to correct them.
Bank account validation, such as that offered by Albany eVERIFY, can be easily added to your existing payroll, accounting or ERP system.
There are two processes used by Albany eVERIFY and Albany eVERIFY online to check account data:
The simplest form of bank account validation involves comparing data against the Extended Industry Sort Code Directory (EISCD), an industry supplied list of valid UK bank accounts. More thorough validation is therefore recommended, which is why Albany eVERIFY also uses:
A mathematical algorithm used to match an account number to a given sort code, which ensures that only correct account numbers are captured at point of entry.
Bank account validation is a small addition to your existing system that delivers significant results. It can even check international bank account numbers (IBAN) and run through your database to check for incorrect account details - averting failed transactions and rejected payments in the future.
Albany eVERIFY is built-in to all of Albany's payments solutions, offering a seamless process with every transaction.