Poor payment data in SEPA can cost a lot. Banks charge €6 per record to reformat an IBAN(International Bank Account Number) and rectify failed payments and then there is the cost of contacting all customers and suppliers and manually update all records, possibly as much as €5-10 per record, etc. Some analysts estimate that there will be error rates with SEPA payments of arond 12%, while the European Commission estimates that the total cost to correct a single failed payment is around €50. It clearly pays to get your payment data right first time. But how?
There are a range of solutions from banks and third parties to assist companies to check, cleanse, conversion and maintenance of bank and account data for SEPA payments, e.g. the range of services from Experian - see below.
Experian SEPA Conversion Services
Source & Copyright©2012: Experian
Levi Strauss Co used Experian to extract the data from their legacy systems, check existing data for errors, convert their data to IBAN, and carry out multi-country validation and IBAN conversion. Within two months all records were converted, validated and updated where necessary.
<p style=""text-align:" justify;"="">Effective conversion and maintenance for your payment data records can save time and costs.
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