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bank.International: Ready for SEPA with Uniserv

Uniserv offers plausibility checks for new bank data format

Pforzheim, 31th January 2013 – Uniserv GmbH, with its headquarters in Pforzheim, Germany, is the largest specialised provider of data quality solutions in Europe. With bank.International it offers a plausibility check for bank data (www.uniserv.com/sepa-ready). The praxis-orientated solution from Uniserv processes not only customary data, such as bank codes and account numbers, but also the formats of the Single Euro Payments area (SEPA) which comes into force as from February 2014. The International Bank Account Number (IBAN) will then replace the current bank code and account number systems and provide one common data format throughout Europe. Despite the urgency of the changeover to SEPA, many companies still fail to understand the need for prompt action. A current survey entitled “SEPA Implementation in Germany” and carried out by ibi research GmbH, shows that one third of the organisations questioned have not yet consciously thought about SEPA and its implications, and only a further third admit to sporadically using SEPA transactions at all. With these factors as a background, the plausibility check with bank.International from Uniserv is a major step towards corporate readiness for SEPA.
 
The changeover to a common European payment area is not only accompanied by changes for financial services, but affects almost every other business area too. With bank.International from Uniserv, the user can verify customers’ bank details easily, comfortably and reliably. The software checks whether the IBAN syntax is correct, whether all pre-requirements for creating an IBAN are met, and that it identifies an individual account at a specific financial institution in a particular country. The IBAN plausibility check is made by assigning an international bank code (BIC) or by comparing IBAN and BIC to each other.

“The ingenious thing about of bank.International is that it integrates seamlessly into the relevant applications. It’s highly flexible and covers the different operational scenarios when using cloud technology, and last but not least, minimises the risks for companies”, is how Michael Luderer, Managing Director of Severn Consultancy GmbH describes the use of bank.International from a consultant’s point of view. To ensure the highest quality of results, bank.International uses the comprehensive reference data made available from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). False bank details or incorrect credit card numbers are identified immediately whilst the data is actually being entered, and any typing mistakes are corrected. This means that the risk of failed transactions occurring is reduced to a minimum – and the sails are set for a course of smooth-running payment traffic.

About Severn Consultancy

Severn Consultancy GmbH, with its headquarters in Frankfurt am Main, Germany, was founded in London in 1987 and is specialised in providing management consultancy for national and internationally operating financial market institutions. Its expertise lies in its effective realisation of success-critical change processes within back office functions. Competent, specialist management consulting, together with effective project management, effective organisational development and IT management “fit for the future” all form the pillars of “The Severn way to get it done”. The Severn team is made up of former bank managers, who through their own practical experience can well understand their clients’ needs and goals. Further information is available at www.severn.de.