Experian announced by RBS to provide global payment validation

Tue, 26 Oct 2010 15:51:07 GMT

Experian, the global information services company, announced that it has been selected by RBS to provide a range of global payment validation and data conversion services to the bank's corporate customers. The agreement enables RBS' corporate customers to make SEPA (Single Euro Payments Area) compliant payments and ensure payments reach the correct beneficiaries anywhere in the world.

As the migration to SEPA services gathers pace, banks and their corporate customers will no longer be able to use domestic Basic Bank Account Numbers (BBANs) in their domestic and cross-border euro payments. Failing to submit payment details in the correct format may incur additional charges plus additional fees for correcting the information. Using Experian's Data Conversion service, RBS' corporate customers will be able to check and cleanse bank account details in bulk and then convert them from domestic BBANs into the required International Bank Account Numbers (IBANs) and corresponding BICs for all domestic and international payments under SEPA. This will also enable corporates to improve the Straight-Through-Processing of payment instructions and benefit from lower cost Euro payments.

Capturing the correct beneficiary bank account and payment routing information for processing cross-border and international payments can be time-consuming and costly. Bank Wizard, Experian's global validation software, allows RBS corporate customers to instantaneously validate account details and find the correct Bank Identifier Code (BIC) in up to 228 countries and territories worldwide. Using Bank Wizard, RBS' corporate customers will reduce the costs and delays associated with reprocessing failed payments, whilst at the same time improving customer service levels. Corporates will also find payment routing more effective by moving away from higher cost wire payments to lower cost SEPA payments or ACH payments, worldwide.

Wilco Dado, head of Global Payments at RBS, commented: "Through Experian we will be able to provide our customers with a range of services that allow them to mitigate against the cost and risk associated with continual changes in the global payments market. This new service will allow our corporate customers to validate and convert bulk data files and to validate bank account data at the point of data entry. As a result, customers will be able to successfully route payments via SEPA or other routing mechanisms, whilst completing any missing information required for worldwide payments."

Jonathan Williams, Director of Strategic Development at Experian Payments, added: "This new service will provide RBS' corporate customers with IBAN Validation and a valid BIC for each SEPA transaction and deliver payment information in the appropriate format for destination countries, globally. As a result, organizations can optimise their payment and settlement mechanisms and replace often costly and inefficient legacy processes."

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

About Experian Payments
Experian Payments develops global strategic payment software and services to meet the requirements of the world's leading banks and corporate organisations. Focussing on the specific challenges of data validation, payment validation and payment processing, Experian Payments' platform-independent software and services help organisations control costs, reduce risks and improve customer service through the minimisation of payment errors. Experian Payments has over 1,000 customers across all sectors of industry and commerce. Experian Payments is a division of Experian.

Experian partners with HypoVereinsbank to provide SEPA Data Conversion services

Fri, 12 Mar 2010 14:48:11 GMT

Experian, the global information services company, has announced that it has partnered with HypoVereinsbank (HVB), one of the largest commercial banks in Germany, to provide the bank and its corporate customers with a data validation and conversion service to aid compliance with the latest SEPA (Single Euro Payment Area) standards. HVB is part of the UniCredit Group, the 10th largest European financial institution.

To make payments to and from all 31 countries participating in the SEPA scheme, banks and their corporate customers must supply a valid IBAN (International Bank Account Number) and BIC (Bank Identifier Code). Currently, the data held by HVB’s customers is in a domestic format and will need converting to the new, SEPA-compliant format.

Experian will check, validate and convert existing domestic BBANs (Basic Bank Account Numbers) to the required BIC and IBAN standard in bulk. This will enable HVB’s customers to avoid rejection or failed payments, thereby reducing transaction costs and improving straight through processing of payment instructions. In addition, the bank’s customers will also be able to identify invalid records that require further or correct information to be obtained or verified, including invalid account numbers and closed bank branches.

Markus Straussfeld, head of international cash management sales at HVB, said: "We want to ensure the transition to SEPA is as smooth as possible for our customers and Experian’s systems help them to overcome the hurdle of not always having the appropriate data at hand to efficiently make SEPA transactions. As organisations within the Eurozone face the prospect of contacting potentially millions of customers for SEPA payments, we have turned to Experian Payments as an expert with a proven track record in data validation and conversion. As a result, we are in a position to support our customers in areas outside of our core competences, offering them additional services from trusted partners."

Jonathan Williams, Director of Strategic Development at Experian Payments, added: "Corporates may not realise that they, not the banks, are responsible for their BIC and IBAN conversion. However, this is hugely expensive and virtually impossible. Our partnership with HVB is enabling a growing number of the world’s largest businesses to make SEPA payments efficiently and cost-effectively while, at the same time, helping the bank to provide an additional service to its customers."

ENDS

About Experian Payments:
Experian Payments develops global strategic payment software solutions and services to meet the requirements of the world’s leading banks and corporate organisations. Focussing on the specific challenges of data validation and payment processing, Experian Payments’ platform-independent solutions help organisations control costs, reduce risks and improve customer service through the minimisation of payment errors. Experian Payments has over 1,000 customers across all sectors of industry and commerce. Experian Payments is a division of Experian

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2009 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.

About HypoVereinsbank
HypoVereinsbank is one of the largest private banks in Germany with around 26,000 emplo

Experian Payments Gateway achieves Bacs approval

Mon, 14 Sep 2009 10:00:33 GMT

Experian, the global information company, has announced that its payment processing product, Experian Payments Gateway, has achieved approval under the Faster Payments Approved Software Scheme, operated by Bacs. As the first software to receive approval for unattended use with Direct Corporate Access (DCA), it will enable users to fully automate their Faster Payments and participate in the Barclays launch of DCA to Faster Payments in September.

Originally developed to enable payments originators to process Bacs Payments, Experian Payments Gateway has been extended, tested and approved for use with Smartcards and Hardware Security Modules (HSM) in both attended and unattended modes. It supports Faster Payments DCA via Secure-IP, the secure channel for corporates to initiate Faster Payments.

James Hilliard, Senior Product Marketing Manager, Experian Payments, said, "Many of our large customers use automated payments systems to help increase efficiency and reduce their risk and costs. Recognising their need to automate their Faster Payments securely, we have worked closely with the Faster Payments Approved Bacs Software Scheme to ensure they are able to gain maximum benefit from the new Faster Payments Service."

Gareth Lodge, Regional Research Director, TowerGroup, said, "Automating payments has always been a key priority for corporates as it has multiple benefits, from cost reduction to improved risk management. But in the current economic environment, it probably is even more important than it has ever been, with working capital benefiting in particular. And of course, the deeper that SEPA Payments are integrated into the end-to-end process, the greater the benefits."

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About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to manage their credit relationships and protect against identity theft.

Experian Payments' platform-independent solutions help organisations control costs, reduce risks and improve customer service through the minimisation of payment errors. Experian Payments has over 1,000 customers across all sectors of industry and commerce. Experian Payments is a division of Experian.

Experian survey finds SEPA still a priority for UK corporates

Fri, 14 Aug 2009 14:37:29 GMT

Experian, the global information services company, has revealed that while the majority (67%) of large UK-based organisations are primarily focused on enhancing business efficiency and reducing costs over the coming six months, payment regulation will also remain high on the corporate agenda.

According to a survey of payments professionals conducted at Experian's Payment Strategies 2009 conference, complying with changes in payments regulation, such as the migration to the Single Euro Payments Area (SEPA) and the Payment Services Directive (PSD), remains a priority for 40% of large companies. The survey also found that finance companies are most focused on complying with upcoming payments regulation (53%), while 26% of the insurance companies questioned are making it a priority to become compliant by the end of the year.

Almost a third of corporates are planning to make use of the SEPA Direct Debit service in the next twelve months, indicating that they are far better informed about the SEPA initiative and its value to their businesses. Another Experian survey undertaken in 2008 revealed that 48% of corporates felt that there was insufficient information provided on the move to SEPA.

Jonathan Williams, Director of Product Development and Strategy at Experian Payments, commented: "While most corporates involved in the migration to the pan-European Direct Debit scheme would admit that it has not been a smooth path to tread, SEPA does create direct business opportunities for these organisations. Those planning to make use of the initiative will benefit from greater efficiency in terms of consolidating their systems and rationalising the number of bank accounts they hold as well as having a common standard for direct debit transactions in Euro countries. Those corporates which need to make payments to and receive payments from the European Economic Area will benefit from this more standardised approach to payment transactions."

He added: "Under SEPA, the use of BIC and IBAN to identify the bank and account of a payment beneficiary will become mandatory for all cross-border SEPA payments. Corporates need to be aware of the fact that failure to validate these details before making a payment will result in increased costs and poor customer service. They will need to make the necessary changes in the coming months to avoid these pitfalls which, if not addressed, could affect the profitability of their business."

54 UK-based organisations responded to the survey.

ENDS

About Experian Payments
Experian Payments, develops global strategic payment software solutions and services to meet the requirements of the world’s leading banks and corporate organisations. Focussing on the specific challenges of data validation, including processes to convert IBAN, and the processing of international payments

Experian launches IBAN BIC service to facilitate Netherlands migration to SEPA

Tue, 14 Jul 2009 17:33:21 GMT

Experian, the global information services company, has announced the introduction of a new nationwide IBAN (International Bank Account Number) and BIC (Bank Identifier Code) look-up service for all Dutch citizens and corporates.

Developed and operated by Experian to meet the requirements of Nederlandse Vereniging van Banken (Netherlands Bankers' Association - NVB), the new service will speed up migration to SEPA (the Single European Payments Area initiative) by ensuring individuals and businesses have the correct bank and account data to make successful payments within the Netherlands.

Many Dutch individuals and corporates are not in a position to take advantage of the benefits of SEPA because their international payments instructions currently do not include IBANs and BICs, which are mandatory for SEPA compliance. NVB has taken the initiative by providing a single, co-ordinated solution that all Dutch banks can offer to their retail and corporate customers.

Via the unique data conversion service, users can request the correct IBAN and BIC information using an online web service, the telephone via a voice response system or via an SMS message. A dedicated corporate web service allows Dutch businesses to update batch files of BBANs (Basic Bank Account Numbers) with the correct corresponding IBANs and BICs for SEPA compliance.

Frank Taal, Board Member of the Foundation IBAN Service NL through which the service is funded and managed, explained: "It is important that the transition to SEPA runs as smoothly as possible for the Dutch banks and their customers. That is why we looked for the most effective, robust and reliable solution. Experian is the world specialist in data services, including validation and authentication and was able to provide the high quality service we required."

Jim Conning, Managing Director, Experian Payments, explained: "SEPA is fundamentally changing the whole European payments landscape. This service for all Dutch citizens and businesses will support a successful migration to SEPA. In addition, Experian's Bank Account Validation system, Bank Wizard, can help businesses with their migration of account records outside the Netherlands. We also have the European footprint to provide similar services to other EU banking communities who want to facilitate the move to SEPA payments smoothly".

About Experian
Experian is a global leader in providing information, analytical and marketing services to organisations and consumers to help manage the risk and reward of commercial and financial decisions.

Combining its unique information tools and deep understanding of individuals, markets and economies, Experian partners with organisations around the world to establish and strengthen customer relationships and provide their businesses with competitive advantage.

Experian delivers critical information that enables them to make financial and purchasing decisions with greater control and confidence. Clients include organisations from financial services, retail and catalogue, telecommunications, utilities, media, insurance, automotive, leisure, e-commerce, manufacturing, property and government sectors.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Experian has corporate headquarters in Dublin, Ireland and has operational headquarters in Costa Mesa, California and Nottingham, UK. The Group employs approximately 15,000 people in 40 countries worldwide, supporting clients in over 65 countries around the wor

LendProtect UK selects Experian for real-time bank account verification

Tue, 09 Jun 2009 10:59:26 GMT

Experian, the global information services company, has announced that LendProtect UK Limited will implement Bank Wizard Absolute - Experian’s real-time bank account verification service.

LendProtect provides credit risk management and identity verification services for short term consumer lenders. The deal with Experian will see LendProtect integrating Bank Wizard Absolute to enhance its range of services.

Greg Rable, Chief Executive Officer of LendProtect’s parent company FactorTrust Inc, said: "We believe the addition of Bank Wizard Absolute to our existing platform provides the best automated, real-time, bank account verification service specifically tailored for short-term consumer lenders."

Jim Conning, Managing Director at Experian Payments, commented: "LendProtect UK selected Bank Wizard Absolute, due to its ability to confirm the connection between the loan applicant and the bank account details they have provided. Until now, a real-time electronic check on bank account ownership has not been possible and lenders had to either increase their exposure to risk by not tying bank account ownership to a customer’s identity or reduce their customer acquisition rates by requesting paper and manual proofs of bank account ownership. Bank Wizard Absolute will play a key role in enabling LendProtect UK to offer the lowest risk loan application assessment platform to their customers with the highest possible conversion and straight through processing rates."

Bank Wizard Absolute extends the capability of Experian's widely used Bank Wizard and is the only verification service that enables businesses to make the connection between customers and their bank account details in near real-time. By reducing failed transactions and improving Straight-Through-Processing rates Bank Wizard Absolute can dramatically improve profitability and customer service and help to minimise overall payment and direct debit fraud.

About Experian Payments
Experian Payments, formerly Eiger Systems Limited, develops global strategic payment software solutions and services to meet the requirements of the world’s leading banks and corporate organisations. Focussing on the specific challenges of data validation and payment processing, Experian Payments’ platform-independent solutions help organisations control costs, reduce risks and improve customer service through the minimisation of payment errors. Experian Payments has over 1,000 customers across all sectors of industry and commerce. Experian Payments is a division of Experian.

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Experian announced by RBS to provide global payment validation

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LendProtect UK selects Experian for real-time bank account verification