Validating bank details is a pre-requisite of BACS and Automated Direct Debit processing. Getting it right at source means you will not face the hastle and expense of processing rejected payments, and ensures the transfer of funds.
As well as Sortcode lookup, our service performs bank account modulus checking. Modulus checking allows payment originators to confirm whether the sorting code and account number given by customers are compatible. Performing modulus checks promotes efficiency and improves cashflow by reducing the risk of receiving returned payments.
Research by VocaLink data analysts revealed 55 changes and updates to database information for banks and building societies per week, and more than 200 changes a month.
We take the pain of updates away from you by offering you a web service to supply this validation. Based on the Extended Industry Sort Code (EISCD) database, we host the service, and we process the updates as they are made available every week.
Efficiency: Improved rate of straight-through payment processing, creating a more streamlined process
Control: Instant access to UK bank offices and branch details, giving you leverage and information in your business sector
Cost-effectiveness: Payment referrals can be reduced, which means lower costs, so money can be deployed to other, business areas
Customer-friendly: Validated data entry and customer queries, ensuring a smooth, customer journey
Speed: Searches are quick and easy, so time saved can be spent on other business requirements
At a technical level, Streetwise Bank Validation provides a web service that allows applications to validate sortcodes and account numbers against the Extended Industry Sort Code (EISCD) database which is updated weekly. The ability to connect to Bankwise from within our main product, alms.NET, and from our previous version, Visual Alms, is included in the latest releases of those products, streamlining the capture of Direct Debit Mandates and other bank infomation capture. We can also provide code snippets to assist in integrating Streetwise Bank Validation with other applications. It may even be used to help your website based customers, members, supporters, stakeholders etc.