Accuity discusses SEPA ‘IBAN Only’ regulation in a world beyond the Eurozone

Accuity, a leading global provider of financial data for over 175 years, will attend the EBAday conference in Amsterdam. Addressing the global payments audience, Accuity will present solutions for SEPA compliance and ’IBAN only‘ regulation, as well as KYC and compliance solutions for anti-money laundering (AML) and sanctions screening.

There was a clear adoption of standards set by the European Payments Council in 2014 for Euro payments across the Single Euro Payments Area (SEPA). The next major facet of the SEPA regulations comes into effect in 2016 when banks may no longer compel their originating customers to provide a Bank Identification Code (BIC). That is, customers only need to provide an IBAN.

“SEPA instituted some real game changers in the payments world. Considering the burden that banks had to take on in terms of adopting SEPA, it was a challenge to assume additional costs in changing systems to accommodate ‘IBAN only’ as well. However, the ‘IBAN only’ rule fits very well into a world where the use of online payment systems is becoming more prevalent, and online payment system product offerings are proving to be a differentiator in the market for financial institutions,” said Sarkis Akmakjian, Senior Director, Product Management at Accuity.

Accuity understands that processing payments in Europe can be a daunting task.
Accuity’s IBAN Complete solution is designed to provide complete information for SEPA- and IBAN-compliant payment messages. As the leading provider of BICs for every IBAN, Accuity delivers a solution that helps efficiently process IBAN payment transactions and reduce the amount of time and money spent on errors and repairs.

To find out more, visit Accuity at stand #28 at the EBAday conference or the Accuity website. To join the conversation, follow @AccuityTweets or join us on LinkedIn.

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About Accuity

Owned by one of the world’s leading business-to-business data and content providers, Reed Business Information, and part of RELX Group, Accuity has been providing solutions to banks and businesses worldwide for over 175 years. Our unmatched data and services, powered by Bankers Almanac, deliver optimal payment efficiency, compliant transactions, bank counterparty insight and AML screening success.

About Reed Business Information

At Reed Business Information we provide information and online data services to business professionals worldwide.  Customers have access to our high-value industry data, analytics, information and tools. Our strong global brands hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day.  RBI is part of RELX Group, a leading global provider of data, information and solutions for professional customers.