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Bank Wizard for Faster Payments 

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

Bank Wizard for Faster Payments validates bank account details at the point of entry and checks that the beneficiary accounts support Faster Payments prior to submission. This allows you to identify upfront that you can offer a Faster Payment to a customer and ensures that payments are made correctly at the first attempt, avoiding the associated costs of mis-routed payments.

Bank Wizard meets and exceeds the requirements for Faster Payments:

  • Comprehensive and accurate data managed by a pro-active and dedicated team
  • Validation functionality such as modulus checking, BIC and IBAN verification and extensive bank and branch data
  • Significantly exceeds published modulus rules with the ability to check 99.6% of all account numbers
  • Proven, robust solution which has been implemented by the majority of the UK’s largest organisations
  • Flexible API enables a rapid and low cost implementation
  • Weekly, automatic updates ensure latest information available without impacting internal resources and cost.