Bank of America Merrill Lynch (BofA Merrill) today announced that it has selected Accuity's international bank account number (IBAN) conversion and validation solutions to help corporate clients successfully meet the compliance challenges of the Single Euro Payment Area (SEPA) initiative.
These solutions can help reduce the cost to clients of processing eurozone payments by automatically converting legacy account details into valid IBANs and correct routing Bank Identifier Codes (BICs).
"The unparalleled solutions offered by Accuity provide the essential tools our clients need in order to reduce costs, optimise payment efficiencies and manage previously manual, time-consuming processes," comments Carole Berndt, head of Global Treasury Services, Europe, the Middle East and Africa (EMEA). "The referral arrangement we now have in place with Accuity demonstrates yet another way in which Bank of America Merrill Lynch is focused on providing clients with products and services that allow them to move money faster, more safely, and with greater ease anywhere in the world.
"We believe Accuity's end-to-end IBAN conversion, validation and maintenance solutions help us provide our clients with a comprehensive solution to convert legacy account payments data into SEPA payment format."
By submitting payment transactions that contain the correct IBAN and routing BICs, BofA Merrill's clients should benefit from higher rates of payment straight through processing (STP) and experience a reduction in the inefficiencies associated with payment errors and repairs.
"Accuity has a relationship with Bank of America Merrill Lynch that dates back over 70 years," said Malcolm Taylor, Accuity's managing director for EMEA and Asia Pacific. "We are excited to offer our enhanced IBAN services to the bank's valued customers so that they can benefit from the lower cost of SEPA-compliant payments.
"Accuity's IBAN solutions are underpinned by a unique, comprehensive and multi-layered verification process. They help users convert legacy account information quickly and efficiently into accurate and validated IBANs that are required for certain SWIFT payment messages."
The referral agreement with Accuity is part of BofA Merrill's multi-year investment in new technology and supports the company's continued focus on treasury management, corporate banking and other businesses in key global markets.