IBAN Suite: Validation & Calculation
Overview
The International Bank Account Number or IBAN is used in international as well as domestic payments in Europe and the world. A fairly long string of numbers and digits, the IBAN is often a point of failure when manually entered by customers and operators alike.
A failed payment almost always causes extra delays and costs for your business.
By validating payment details at the point of entry, your business can effectively reduce failed transactions and streamline it's payment processes.
The IBAN Suite service is designed to optimize the processing of domestic and international payments for companies worldwide.
More than just error checking
Our IBAN Suite service performs multiple layers of validation ensuring the minimal chance of error in payment details.
More to that, it provides bank data vital to cross-boarder payments such as BIC, Bank and Branch details for payment routing and payment schema support such as SEPA ( SCT, SDD, Core ).
To ensure data quality, our system uses bank data licensed by reliable sources such as national banks, financial institutions and issuing agencies.
Integration
We have developed simple to use, yet powerful set of APIs which allow you to connect our system to any point of your application's work flow.
Implementing IBAN validation functions in the input of your payment management system, CRM, ERP or finance software can be done with a single request to our service.
Supporting both REST and SOAP protocols, our technology can be easily connected with the most corporate management software solutions such as SAP, SalesForce, Sage etc.
Under the hood
Key features provide a comprehensive solution for validating payment details
- Validate the internal check digit of an IBAN
- Validate internal structure of an IBAN
- Validate the length of the IBAN
- Identify SEPA reachability
- Retrieve BIC code of an IBAN
- Convert bank code and account number to an IBAN
- Recover an IBAN containing unreadable/unknown characters
Simple and powerful
We have tailored key features for efficiency and flexibility when using our services
- Mobile friendly web interface
- Mass/Bulk IBAN Validation
- Mass/Bulk IBAN Calculation
- Sub-user accounts for company employees
- Manage API Access Lists
- Single call REST and SOAP API
- IBAN Validation API
- IBAN Calculation API
- IBAN Recovery API
To provide the best results, we work in steps. We will run a number of checks to ensure you have the most detailed result from the validation process.
1. Data cleansing
At this first step we remove all non-alphanumeric characters and report if we encounter invalid ones.
2. IBAN Check Digit
Integrity check on the IBAN using ISO 7604 (MOD 97-10) algorithm is performed at this step.
3. Account Number Check
A domestic bank account validation is performed based on the country specific validation algorithms.
4. IBAN length
Verifying the total length of the IBAN according to the country standard to make sure it's correct.
5. Format/Structure
The IBAN's internal components are checked for correct format and respective positions.
6. Bank Directory Lookup
We identify the issuing bank and country along with the BIC and SEPA payment schema support.
Solutions
- Improving Payments - Validate an IBAN and retrieve of bank details prior to processing to streamline payments.
- Data Cleansing - Cleanup old data by performing a mass/batch IBAN Validation searches on existing payment details in your system.
- Data Recovery - Using our IBAN recovery API businesses who manually digitize IBAN data can recover IBANs which contain missing or unreadable characters.
- User Input Validation - Validate payment data upon user entering the IBAN in the system. Protect against typing errors.
- User Input Auto-complete - Provide better user experience by retrieving bank details and BIC code when user enters a IBAN in your system.
- Compliance - Helps businesses comply to resolution 092/05 issued by the European Payments Council regarding mandatory use of BIC and IBAN.