Eiger Systems, a UK-based provider of bank validation applications and data, announced today the launch of BANK WIZARD International, a European version of the same company’s UK domestic BANK WIZARD product, which enables users to validate bank details.
Consisting of a software application and a regularly updated database of bank details, BANK WIZARD International validates sort codes and account numbers, endeavouring to take account of all the complexities of the different formats, rules, and modulus checking required for each country. By using this knowledge of domestic banking systems, BANK WIZARD International aims to overcome the limited validation incorporated in International Bank Account Numbers (IBANs). As well as banks, information on co-operatives, credit unions and savings societies is also included.
The software is available as an integrated component in a customer application accessed via a n API, as a stand – alone product configured to validate data in real time or batch mode, or as part of a web-based service utilising an Internet toolkit.
“Companies that process payments electronically through an automated clearing system rely on the accuracy of payment details” says Callum Johnston, Managing Director of Eiger Systems.” However, data entered into the computer systems originating payments is notoriously unreliable, with an error rate estimated at between 5% and 8%. It is estimated that nearly 25% of payments to the international cross-border SWIFT payment system have incorrect or missing account details. All this can result in the rejection of payments and a negative impact on administration costs and customer service. In the UK, this problem is addressed by BANK WIZARD. BANK WIZARD International extends this coverage to companies that have customers with European accounts. These companies need the ability to handle the bank details of customers using native banks and payment systems and these vary widely across Europe.”
Eiger Systems report that many of their existing BANK WIZARD customers are planning to integrate the new International product, having experienced the reduction in administration costs and the increase in customer service that accurate validation delivers. Initially covering Germany, France, Italy and Belgium, BANK WIZARD International will take on successive new countries as the market demands.
Founded in March 1997, Eiger Systems anticipates a turnover in excess of 3.5 million for the financial year ending March 31 2003.