Payments reference data vendor Accuity has launched a new version of its online international bank account number (IBAN) validation and conversion tool. Version 2.2 of IBAN Payment Resource features account number decryption and basic bank account number (BBAN) to IBAN conversion, explains Malcolm Taylor, managing director for EMEA and APAC for the vendor.
The new release is aimed at increasing STP in the payments routing lifecycle and meeting the requirements of the Single Euro Payments Area (SEPA), claims the vendor. To this end, the solution also now returns the local account number as part of each query response in addition to providing the bank name, address, country, bank branch code and assigned and routing Swift bank identifier codes (BICs). Users also now have the option of entering either a BBAN or the bank branch code and account number to obtain an IBAN.