Experian launches IBAN BIC service to facilitate Netherlands migration to SEPA
on: July 15, 2009, 1:37 am
Experian, the global information services company, has
announced the introduction of a new nationwide IBAN (International Bank
Account Number) and BIC (Bank Identifier Code) look-up service for all
Dutch citizens and corporates.
Developed and operated by Experian to meet the requirements of Nederlandse
Vereniging van Banken (Netherlands Bankers' Association - NVB), the new service
will speed up migration to SEPA (the Single European Payments Area initiative) by
ensuring individuals and businesses have the correct bank and account data to make
successful payments within the Netherlands.
Many Dutch individuals and corporates are not in a position to take advantage of the
benefits of SEPA because their international payments instructions currently do not include IBANs and BICs, which are mandatory for SEPA
compliance. NVB has taken the initiative by providing a single, co-ordinated
solution that all Dutch banks can offer to their retail and corporate customers.
Via the unique data conversion service,
users can request the correct IBAN and BIC information using an online web service,
the telephone via a voice response system or via an SMS message. A dedicated
corporate web service allows Dutch businesses to update batch files of BBANs (Basic
Bank Account Numbers) with the correct corresponding IBANs and BICs for SEPA
Frank Taal, Board Member of the Foundation IBAN Service NL through which the service
is funded and managed, explained: "It is important that the transition to SEPA runs
as smoothly as possible for the Dutch banks and their customers. That is why we
looked for the most effective, robust and reliable solution. Experian is the world
specialist in data services, including validation and authentication and was able to
provide the high quality service we required."
Jim Conning, Managing Director, Experian Payments, explained: "SEPA is
fundamentally changing the whole European payments landscape. This service for all
Dutch citizens and businesses will support a successful migration to SEPA. In
addition, Experian's Bank Account Validation system, Bank
Wizard, can help businesses with their migration of account records outside the
Netherlands. We also have the European footprint to provide similar services to
other EU banking communities who want to facilitate the move to SEPA payments
Experian is a global leader in providing information, analytical and marketing
services to organisations and consumers to help manage the risk and reward of
commercial and financial decisions.
Combining its unique information tools and deep understanding of individuals,
markets and economies, Experian partners with organisations around the world to
establish and strengthen customer relationships and provide their businesses with
Experian delivers critical information that enables them to make financial and
purchasing decisions with greater control and confidence. Clients include
organisations from financial services, retail and catalogue, telecommunications,
utilities, media, insurance, automotive, leisure, e-commerce, manufacturing,
property and government sectors.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of
the FTSE 100 index. Experian has corporate headquarters in Dublin, Ireland and has
operational headquarters in Costa Mesa, California and Nottingham, UK. The Group
employs approximately 15,000 people in 40 countries worldwide, supporting clients in
over 65 countries around the world. Total Group revenue for the year ended 31 March
2009 was $3.9bn.
For further information, please contact:
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+44 (0)1788 554800