November 2006

Accuity's IBAN reference data will be integrated with Albany's eVERIFY product for Euro cross-border payments

e-transactions software author, Albany Software, has announced a partnership agreement with Accuity that will ensure accurate BIC and IBAN data validation for companies making Euro cross-border payments.

Albany will be integrating Accuity's IBAN File with its eVERIFY software, a new and improved version of its existing validation product ALBANYverify. eVERIFY is a more comprehensive verification tool, which offers instant validation of European BIC and IBAN details, enabling accurate pan-European funds transfers. Albany's use of Accuity's IBAN reference data will help ensure the highest possible levels of payment straight through processing (STP) for customers.

The use of Bank Identification Codes (BICs) and International Bank Account Numbers (IBANs) is now mandatory for Euro cross-border payments. Furthermore, as of January 2007 banks are able to reject payments from corporate organisations that do not include valid BIC and IBAN data.

This, together with the associated rising costs and penalties of submitting payments with incorrect BIC and IBAN data, necessitates the need for validation at an early stage of the funds transfer process.

For organisations seeking to comply with SWIFT's MT103+ messaging standards and EU regulation 2560/2001, Accuity's IBAN File offers access to over 200,000 records for more than 7,000 European financial institutions. The integration of this data file with eVERIFY, which enables users to automatically or manually check BIC and IBAN information, will allow Albany's customers to further reduce payment processing costs, avoid unnecessary bank charges and improve query rates.

Adrian Stafford-Jones, Founder and Managing Director of Albany Software, says, "We are very pleased to be able to announce this partnership with Accuity. By integrating Accuity's IBAN reference data with our eVERIFY software we are providing businesses with a solution for pan European payments and collections that is comprehensive, cost-effective and very easy to use. eVERIFY delivers fast, accurate BIC and IBAN validation at the touch of a button, significantly reducing error rates, meaning fewer bank charges and faster completion of funds transfers."

"We are delighted to have Albany Software utilize our IBAN File to ensure the highest levels of payment STP rates for their customers," said Malcolm Taylor, Accuity's managing director, EMEA and Asia Pacific. "Transactions software companies realize the efficiencies and unparalleled levels of service and product performance that can be achieved by partnering with Accuity for IBAN solutions."

news   |    eNewsletters   |    events calendar   |    press releases