Bank of America Merrill Lynch (BofA Merrill) has selected Accuity’s international bank account number (IBAN) conversion and validation solutions to help corporate clients meet the compliance challenges of the Single Euro Payment Area (SEPA) initiative.
These solutions can help reduce the cost to clients of processing eurozone payments by automatically converting legacy account details into valid IBANs and correct routing Bank Identifier Codes (BICs), according to BofA Merrill.
By submitting payment transactions that contain the correct IBAN and routing BICs, BofA Merrill’s clients are expected to benefit from higher rates of payment straight through processing (STP) and experience a reduction in the inefficiencies associated with payment errors and repairs.
Carole Berndt, head of global treasury services for Europe, the Middle East and Africa (EMEA) at BofA Merrill, said: “We believe Accuity’s end-to-end IBAN conversion, validation and maintenance solutions help us provide our clients with a comprehensive solution to convert legacy account payments data into SEPA payment format.”
Malcolm Taylor, managing director for EMEA and Asia Pacific at Accuity, said: “We are excited to offer our enhanced IBAN services to the bank’s valued customers so that they can benefit from the lower cost of SEPA-compliant payments.
“Accuity’s IBAN solutions are underpinned by a unique, comprehensive and multi-layered verification process. They help users convert legacy account information quickly and efficiently into accurate and validated IBANs that are required for certain SWIFT payment messages.”