Customers and suppliers make mistakes when providing payments details.
Human error when typing account numbers, mismatched bank codes and invalid data can all cause payments to fail.
Failed payments can result in expensive remediation, processing delays and friction, leading to a poor customer experience. As the global volume of digital transactions increases, failed payments have moved beyond an acceptable cost of business to become a priority for financial institutions and corporate businesses. To keep pace with digital acceleration and support cross-border payments, businesses need solutions that help streamline operations and scale quickly to ensure efficient payment processing.
Our API solution automatically checks account and bank details for errors as customers type in your mobile app or website and suggests corrections. This helps avoid the need for manual entry or payment repair and ensures seamless processing. Additionally, you can quickly validate payment details to streamline supplier onboarding using our online lookup tool.
As payments rules and digital payments regulations continue to evolve, we offer file products designed for corporates using ERP platforms and for banks and payments service providers can ensure that bank details such as bank codes are re-validated as still being correct when you create payment files.
Account number formats vary greatly from country to country. Even IBAN standards are not the same in all countries. Bankers Almanac provides an authoritative source for bank-to-bank routing information and uses advanced technology to automatically analyze account numbers and identify errors through our API and look-up tool solutions.
Our solutions provide national bank codes for almost 200 countries. Supported national bank codes include:• ABA routing numbers
Bank branch address details help to determine the specific national bank code required for payment instruction setups.
Provide a seamless customer experience and facilitate efficient setup, routing and processing of payments by verifying information in real time against payment and compliance rules covering over180 countries.
Our payment validation solutions act as a source of truth wherever you need it in your payment flow to correct and enrich data to avoid the cost of failed payments.
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