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Bank Wizard

Experian Ltd
System:
IBM PureApplication System
IBM PureFlex System
Provided by:Experian Ltd
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Version: 3
Bank Wizard helps improve Straight-Through-Processing of UK and international payments by reducing errors in your data up-front to minimise the rejected payments and associated costs. Designed to be embedded within applications, Bank Wizard provides bank account validation to help manage payments data.
  • - Business Value

    Pattern Overview


    Bank Wizard helps improve Straight-Through-Processing of UK and international payments by reducing errors in your data up-front to minimise the number of rejected payments and the associated costs. Bank Wizard is our unique bank account validation software which removes the problem of managing updates to complex and constantly changing payments data within your business systems. Our dedicated Data Team identify and confirm changes to bank data on a weekly basis, meaning that updates can automatically be incorporated into your systems to ensure that you benefit from working with the most accurate and up-to-date information available. Designed to be easily embedded within existing applications, the solution allows you to check the validity of bank details before you submit them to an automated clearing system such as Bacs, Faster Payments or EBA STEP2. Bank Wizard has over 80% coverage of worldwide SWIFT payments, including the whole of Europe. It has been implemented by some of the largest users of automated payment solutions.

    Business Case

    Businesses are continually dealing with payment data they can't trust. To make matters worse, mergers and closure of branches mean that data valid last week may not be valid this week. Movement to programmes like SEPA mean that new standards must be adhered to.

    Business Problem

    Error rates in bank details at the point of capture can be as high as 15%, resulting in rejected payments that can have a direct impact on administration costs and customer service. Bank Wizard improves the effectiveness of the payment process considerable, which in turn improves customer service levels and, through the elimination of errors, reduces the time and cost involved in administering customer accounts.

  • -Technical Details

    - Checks that a bank or branch code exists. - Returns information about each branch, including address and telephone number. More comprehensive information is available via one or more additional function calls, including BICs (Bank Identifier Code) and details of sub-branches. - Automatically converts non-standard account numbers and bank/branch codes into the required format. - Full modulus checking of account numbers for all available banks. - Full modulus and format checking of IBANs - Validation of BIC against IBAN. - Provides BIC and forms IBANs from domestic data for checking purposes. - Sophisticated search facility allowing users to search across all data fields.

  • - More Information

    Provider Information


    Name: Sarah Rutherford

    Email: Sarah.Rutherford@uk.experian.com

    Phone: +44 1788 554810

PureSystems patterns are part of a broad portfolio of PureSystems solutions for business, cloud, and infrastructure applications.

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