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ACE's BIC IBAN
EPC regulations now require all European banks to process cross-border euro payments with mandatory BIC and IBAN information. This creates a significant challenge for financial institutions: how to comply with new regulations without increasing costs or sustaining additional processing overheads.
The ACE BIC IBAN module is a low risk, cost effective solution from ACE that gives you the ability to validate and repair all cross-border payment messages, irrespective of the format. The solution minimizes both the time and cost associated with manual repair or rejection of payment messages. It provides the flexibility and extensibility to cope with any future changes to the payments landscape.
ACE BIC IBAN solves the pain of IBAN-relating processing issues to give banks end-to-end STP. The solution takes care of the following areas:
• Automatically identify, extract, validate, create and repair IBAN in the payment instruction
• Validate IBAN and BBAN
• Link the IBAN to the correct beneficiary bank BIC code
ACE BIC IBAN uses advanced artificial intelligence to achieve end-to-end STP and reduce processing costs to an absolute minimum. The solution ensures that financial institutions successfully comply with even the most stringent of guidelines.
ACE is making access to the ACE BIC IBAN module free of charge to qualifying companies in order to further industry movement towards SEPA compliance and introduce greater STP for European cross border payments. For more details click here |
