A central feature of the Faster Payments service is the requirement for transactions to be processed in near real-time. Any errors present in submissions via Faster Payments will invalidate the service offered.
Therefore, eliminating transaction errors at the point of submission is critical to the success of the Faster Payments service.
Failure to ensure that the payment is received and successfully reconciled with the correct account invalidates the Faster Payments service offered by the bank. This can negatively impact three key areas:
- Customer service - the end-user payment will be delayed
- Relationship with corporate customers, e.g. utility companies – they will have to rectify mistakes
- Competitive positioning - your Faster Payments service will be deemed to be invalid.
Bank Wizard for Bill Payments: Faster Payments is a unique software solution which validates billers’ bank account information and performs checks on customer reference numbers to ensure Straight-Through-Processing of payments via a call centre or remote banking facility. In combination with Bank Wizard for Faster Payments, this ensures that banks are fully able to support their Faster Payments service.
Bank Wizard for Bill Payments
- Validates customer reference numbers, guaranteeing that Faster Payments are reconciled to the correct account first time and within customers’ timescale expectations.
- Contains the most comprehensive and accurate database of bill payment information available, ensuring users are able to select the correct biller.
- Provides a competitive advantage over other service providers through significantly enhanced customer service to both end-users and corporate customers.
- Flexible API enables a rapid and low cost implementation.
- Weekly, automatic data updates ensure that organisations are using the latest information without impacting internal resources and cost.