BNP Paribas Cash Management has selected Accuity, the leading worldwide provider of payment routing data, AML screening software and services, for its IBAN Solutions to expand its BBAN (Basic Bank Account Number)-to-IBAN (International Bank Account Number)/BIC (Bank Identifier Code) conversion capabilities. These new solutions have been deployed to support the specific needs of the bank's international corporate clients as they make the transition to SEPA.
To meet the requirement for French and foreign companies alike to remit SEPA-compliant payments – complete with the appropriate IBANs and BICs – BNP Paribas Cash Management has made a complete set of tools available to its corporate customers to manage the process of converting their legacy account information. By leveraging Accuity's full line of IBAN validation and conversion solutions, BNP Paribas Cash Management is able to offer its clients an array of options to enable their SEPA compliance:
· For customers wishing to “do it themselves”, the bank provides an online service that manages both single real-time looks-ups and conversions as well as batch validation and conversion of complete data files.
· For customers wishing to outsource the process, the bank offers a service whereby customers can submit their files via e-mail or FTP transfer, have the validation and conversions performed by Accuity and receive a fully-cleansed and enhanced file back accompanied by a comprehensive report detailing the results of the process.
· For customers wishing to incorporate the IBAN validation and conversion process within their ERP systems or other centralized software, the bank offers additional validation and conversion solutions that can be fully integrated.
“We reviewed the needs of our Corporate clients and chose Accuity's comprehensive solutions to provide our clients with the best solutions for SEPA-compliant payments,” says Pierre Fersztand, Global Head of Cash Management at BNP Paribas.
Accuity's IBAN Solutions are fully supported by a comprehensive and multi-layered verification process. Accuity's solutions help users convert legacy account information quickly and efficiently into payment data that's viable for IBAN and BIC transactions, delivering high rates of payment STP and reducing the inefficiencies associated with errors and repairs
“Accuity recognizes the significant challenge of converting legacy account information into valid IBANs and BICs particularly for corporations that might have large volumes of such data,” said Malcolm Taylor, Managing Director, EMEA and APAC for Accuity. “We are excited to have this opportunity to partner with BNP Paribas Cash Management and be able to offer these enhanced solutions to the bank's valued customers – doing so will enable them to benefit from the lower cost of SEPA-compliant payments.”About BNP Paribas
BNP Paribas (www.bnpparibas.com
) is one of the six strongest banks in the world* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
* Rated AA by Standard & Poor's i.e. 3rd rating level on a scale of 22. About Accuity
Accuity is the leading provider of global payment routing data, AML screening software, and services that allow organisations, across multiple industries, to maximise efficiency and facilitate compliance of their transactions.
Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services.
Accuity provides the industry with its Golden Copy of payment data, delivering essential and readily-accessible payment information with precise and comprehensive data for all bank offices worldwide. Only Accuity has the following key strategic partnerships:
· Accuity is the official provider of the European Payments Council SEPA adherence database.
· Accuity is the official provider of the Euro Banking Association Priority Payment Scheme central registry.
· Accuity is the official registrar for the American Bankers Association routing numbers.
· Accuity is the official provider of the Irish Payments Services Organisation's (IPSO) directory of National Sort Code database.
For more than 150 years Accuity's worldwide clients, located in over 150 countries, have included banks, corporations and government organisations. The solutions and services Accuity provides are packaged in multiple formats to serve their diverse needs.