Responsibility
for BIC/IBAN conversion rests with Corporates, advises Eiger Systems
Released
on: October 29, 2007, 7:15 am
Press
Release Author: Margo Galvin / Eiger
Systems Marketing
Industry:
Industrial
Press
Release Summary: Eiger Systems warns organisations within the Eurozone
may face the prospect of contacting potentially millions of customers
as all domestic account details are to be converted to the BIC and
IBAN format
Press
Release Body: Organisations within the Eurozone may face the prospect
of contacting potentially millions of customers in order to successfully
participate in the SEPA Direct Debit and Credit Transfer
schemes, advises Eiger Systems,
an Experian company and a leading developer of strategic
payment solutions. This is due to the requirement for all domestic
account details to be converted to the BIC* and IBAN** format to
comply with the SEPA 2010 deadline***.
Eiger
Systems believes that the problem is further compounded
as the banks are not allowed to provide a conversion service for
accounts they do not hold, thereby requiring organisations to identify
their own solution. The organisations that will be most heavily
impacted by this requirement are the largest B2C businesses with
extensive customer and supplier bases.
Jonathan
Williams, Director of Communications and Strategy at Eiger Systems
believes that there are only two solutions available to organisations.
He says: “Either companies assign internal resource to
contact each customer to obtain their BIC and IBAN details, which
could potentially run into millions of individuals, making the task
virtually impossible. Or they need to source a vendor solution,
which will perform a conversion to BIC and IBAN and ensure the details
are verified as part of the process.”
However,
converting from domestic details to BIC and IBAN is only one aspect
for organisations to consider as part of their move to SEPA. It
is also imperative that organisations put solutions in place to
ensure that their BIC and IBAN data is correct on an ongoing basis,
as errors in details could prove costly to correct.
Jonathan
Williams explained: “Organisations should be
looking for a solution that can not only perform the immediate data
conversion of domestic details but will also validate BIC and IBAN
data on an ongoing basis. Errors in payment details can cost organisations
around 45-75 euros each to rectify and these can be easily avoided
with the right solution. Eurozone companies need to be looking for
software, such as BANK WIZARD, that verifies not only that the IBAN
is correct but that the domestic details that make up the IBAN are
also valid.”
BANK
WIZARD from Eiger Systems is a complete application that
can convert domestic payment details into the required BIC and IBAN
format. In addition, it can be integrated into existing systems
to validate BIC and IBAN data, providing verification of the domestic
details within the account identifiers.
About
Eiger Systems
Eiger Systems provides market leading software
and services to meet the requirements of organisations implementing
strategic payment solutions. Eiger intentionally
focus on the specific problems of data validation and payment processing,
acquiring unrivalled expertise in these areas.
Founded
in 1997, Eiger Systems consistently delivers against
its ambitious vision, resulting in an enviable track record of growth
and sustained profitability.
As
well as offices in the UK, Eiger Systems also currently operates
as Eiger
Systems en France, Eiger
Systems Deutschland, Eiger
Systems Italia, Eiger
Systems España, Eiger Systems Republic of Ireland and
Eiger Systems - The Netherlands.
Notes
for editors:
*Bank Identifier Code; a universal method of identifying branches
of financial institutions in order to facilitate automated processing
of telecommunication messages in banking and related financial environments.
SWIFT manages BICs.
**International
Bank Account Number; the IBAN concept was developed by European
Committee on Banking Standards (ECBS) and by the International Organization
for Standardization (ISO) and is an internationally agreed standard
ISO 13616:2003. The country-specific IBAN formats for European countries
are published by the European Committee on Banking Standards (ECBS).
***The
Single Euro Payments Area (SEPA) is an initiative of the European
Commission (EC) that seeks to remove the barriers to the movement
of funds across borders and reduce the cost of euro payments to
the level of domestic transfers.
Web
Site: http://www.eiger.co.uk/home
Contact
Details: Margo Galvin
Eiger Systems Marketing
Eiger Point
Swift Park
Old Leicester Road
Rugby
Warwickshire
United Kingdom
CV21 1DZ
+44 (0)1788 554800
enquiries@pr-sending.co.uk
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