Bottomline Technologies, a provider of cloud-based payment, invoice and banking solutions, have announced they have extended the international validation capabilities of V-Series, their technology platform that enables real-time validation and verification of bank account details to combat the threats of failed and fraudulent transactions.
This latest update enables V-Series to deliver comprehensive validation and conversion between International Bank Account Numbers (IBAN) and Domestic Account details. V-Series converts Domestic Accounts into the equivalent valid IBAN, minimizing customer disruption and avoiding costly payment repair fees.
Unlike the basic IBAN ISO check, which can still lead to payment failure, V-Series extracts the equivalent Domestic Account details and validates this against the industry-standard data of the issuing country, ensuring compliance with bank rules for data validation as well as returning the BIC at the point of capture.
Bottomline Technologies are seeing many organisations using instructions generally available on the internet to carry out their domestic to IBAN conversions. However, they are only achieving some 75% accuracy rate. This can be costly as Banks will often charge corporates an un-capped fee to repair each and every incorrect IBAN.
V-Series solves these problems and supports international validation across 77 countries and territories, including the 33 SEPA countries and 29 IBAN-using countries.