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IBAN BIC service launched to facilitate Netherlands’ migration to SEPA
Nottingham, UK 3 July 2009 - Experian®, the global information services company, today announced that it has introduced a new nationwide IBAN (International Bank Account Number) and BIC (Bank Identifier Code) look-up service for all Dutch citizens and corporates. Developed and operated by Experian to meet the requirements of Nederlandse Vereniging van Banken (Netherlands Bankers’ Association - NVB), the service will speed up migration to SEPA (the Single European Payments Area initiative) by ensuring individuals and businesses have the correct bank and account data to make successful payments within the Netherlands.
Many Dutch individuals and corporates are not in a position to take advantage of the benefits of SEPA because their payment instructions currently do not include IBANs and BICs, which are mandatory for SEPA compliance. NVB has taken the initiative by providing a single, co-ordinated service that all Dutch banks can offer to their retail and corporate customers.
Via the unique service, users can request the correct IBAN and BIC information using an online web service, the telephone via a voice response system or via an SMS message. A dedicated corporate web service allows Dutch businesses to update batch files of BBANs (Basic Bank Account Numbers) with the correct corresponding IBANs and BICs for SEPA compliance.
Frank Taal, Board Member of the Foundation IBAN Service NL through which the service is funded and managed, explained: “It is important that the transition to SEPA runs as smoothly as possible for the Dutch banks and their customers. That is why we looked for the most effective, robust and reliable solution. Experian is the world specialist in data services, including validation and authentication and was able to provide the high quality service we required.”
Jim Conning, Managing Director, Experian Payments, commented: “SEPA is fundamentally changing the whole European payments landscape. This service for all Dutch citizens and businesses will support a successful migration to SEPA. In addition, Experian’s bank account validation system, Bank Wizard, can help businesses with their migration of account records outside the Netherlands. We also have the European footprint to provide similar services to other EU banking communities who want to facilitate the move to SEPA payments smoothly”.