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Making a sure your business is ready for the new Euro SEPA payments system could save a lot of time, hassle and money.
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Don't delay. Get SEPA ready today.Preparing your data for SEPA migration
Are you SEPA ready?The Single Euro Payments Area (SEPA) initiative creates a zone in which all euro electronic payments are treated as domestic by removing existing differences between national and pan-European cross-border payments. SEPA will enable you to make cashless euro payments to anyone located in the SEPA zone using only a single bank account and one set of payments instructions. This means from 1st February 2014 all euro payments will require the use of IBAN (International Bank Account Number). Failure to collect and validate IBAN details will result in failed payments, increased rejections costs and poor customer service. 34 million euro transactions are made every year and around 12.7%* are incorrect; and with the cost per failed transaction at an average of €50, the financial impact for your business of non-conversion could be significant.
How can Experian help you with SEPA?Experian can help you validate and reformat your payment details into SEPA compliant formats using the worlds’ most comprehensive and complete multi layered SEPA validation and IBAN conversion solutions. Experian validates and electronically converts your existing, domestic, bank account formats to the required IBAN and BIC; alongside being able to flag and identify incorrect data early and ensure that it is cleansed. Experian provides a service that initiates successful, SEPA compliant, cross-border and local payments with dramatically reduced errors and rejection costs.
Why now?The SEPA end date is February 2014, when all payment formats will require IBAN and BIC in order to be successful. If left until the last minute, the SEPA requirements have the potential to be both disruptive and costly. There is a competitive advantage to early migration to SEPA payments as ensuring you have the correct IBAN formats prior to the end date will ensure your business continuity. Even if you’re not experiencing failed payments today, failure to migrate to SEPA by the deadline will ultimately resu lt in failed payments and increased costs which will negatively impact on the profitability of your business. Take steps to begin migration to SEPA today. Contact one our team of experts.
‘Failed transactions pose significant costs of around €6 for every account number held: €600,000 for businesses with 100,000 customers.’Experian Whitepaper April 2012: Counting the hidden costs of SEPA migration
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BBANBBAN 10070000 - 2701696
BBANBIC DEUTDEBBXXX
CLIENT CLEANSING
OF REMAINING INCORRECT
DATA
BBAN PRESENT IBAN PRESENT
FULLY VALIDATE BBAN AND IDENTIFY INCORRECT DATA
CLEANSE AND IMPROVE BBAN DATA
ESTABLISH CORRECT BIC
BBAN CONVERSION TO IBAN
BBANBBAN 10070000 - 0270169600
BBANIBAN DE10 1007 0000 0270 1696 00
BBANIBAN DE36 1007 0000 0270 1696 00
FULLY VALIDATE IBAN AND COMPONENT BBAN DATA, IDENTIFY INCORRECT DATA
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BBANIBAN DE10 1007 0000 0270 1696 00
BBANIBAN DE10 1007 0000 0270 1696 00
SEPA READY FOR SUCCESSFUL PAYMENTS
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Why Experian?Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. Helping businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making.
Experian can offer you a fast, cost-effective IBAN and BIC data conversion and validation service to ensure that your payments data is correctly formatted for SEPA and that your business can benefit from the new schemes without disruption or additional costs. Our consultancy provides you with a complete SEPA migration solution. Our dedicated SEPA team with knowledge of local account formats across the SEPA zone will ensure you avoid failed conversions.
‘On average, 12% of bank account data currently held by European companies contains errors that could cause payment failure on SEPA adoption.’*Experian Whitepaper April 2012: Winning with SEPA – Why valid bank account data matters
Don't delay. Contact our team today...
0845 266 [email protected]
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This document does not form any part of a contractual commitment. Whilst every effort is made to ensure accuracy, Experian accepts no
responsibility for errors or omissions.
ExperianSwift Park, Old Leicester RoadRugby, Warwickshire CV21 1DZUnited KingdomT: +44 (0)1788 554800T: (Sales) +44 (0)1788 554810F: +44 (0)1788 554900www.experianpayments.com
