Bank Wizard. Comprehensive payment data validation and verification

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Bank Wizard

Comprehensive payment data validation

and verification

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2 | Experian - Bank Wizard

Core

Software

Deployed

Core

Software

Deployed

with Web

Service

Experian

Hosted

Web

Service

Bank

Wizard

Online

Bank Wizard may be installed on your network. In this instance your business application is integrated to Bank Wizard using the Application Programmers Interface. Bank Wizard can be embedded in

applications written in most programming languages and database applications.

You may also deploy Bank Wizard as a hosted web service on your infrastructure, with Bank Wizard Web Service being installed on your network via an application server allowing you to use Bank Wizard in a SOAP (Simple Object Access Protocol) environment and be embedded within your core business systems.

Bank Wizard is also available as an Experian hosted web service, giving you the advantages of a SOAP environment without having to install software on your network, carry out maintenance or update the database files. Functionality is delivered through your user interface.

Experian hosted Bank Wizard may be accessed online through our user interface.

The Bank Wizard product

family enhances payment

efficiency and helps reduce

payment fraud with a

comprehensive suite of bank

account data validation and

verification solutions.

Whether operating in the UK or globally the Bank Wizard product family optimises the success of your payments; • increase success rates of payments • reduce paper checks and manual intervention • increase efficiency of payment submissions • support Faster Payments • enhance your ‘know your customer’ and anti-money- laundering solution

• help compliance with SEPA (Single Euro Payments Area) requirements • validate credit, debit and charge cards

• helps reduce payment fraud

Introduction

The Bank Wizard family is available in a variety of deployment options and as part of other Experian solutions to suit your requirements

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Experian - Bank Wizard | 3 Bank Wizard supports your business at the points where you need it, either as

a stand-alone solution or integrated to your key business systems.

Where Bank Wizard fits

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Bank Wizard ensures the

bank account data you wish

to transact with is valid.

By knowing that the bank

account number, sort code

and potentially roll number

information you are using is

valid you can be confident

that the payments you make

will be successful.

What makes Bank Wizard unique is the number of data sources, data coverage and data support delivered as part of the solution.

When taking customer, supplier or payroll details over the phone, via the web or face-to-face transcription errors, mis-hearing or the deliberate giving of false information will result in errors entering your system. This reduces the likelihood of successful payments processing.

Designed to be easily embedded within existing applications, Bank Wizard allows you to check the validity of bank details in real time at point of capture, before you submit them to an automated clearing system such as Bacs, Faster Payments or EBA STEP2. As branches close and banks

merge, bank account data is ever changing. Our dedicated data management team identify changes in bank account data on a weekly basis. Updates are automatically incorporated into your business systems so that you can be sure you are working with the most accurate and up-to-date information available. Bank Wizard has over 80% coverage of worldwide SWIFT payments, including the whole of Europe. It has been implemented by some of the largest users of automated payment solutions.

Bank Wizard

Microsoft chose

Experian’s Bank Wizard,

as it was a complete

validation and conversion

platform which could

be easily embedded

within its own

pre-existing applications. As

a result of implementing

Bank Wizard, Microsoft

has virtually eliminated

international transaction

queries, ensuring its

re-sellers and supply partners

enjoy fast and seamless

commission payments.

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Experian - Bank Wizard | 5

Bank Wizard Absolute

For UK bank accounts Bank

Wizard Absolute extends the

capability of Bank Wizard

and is the only verification

service that enables you

to make the connection

between your customer and

their bank account details in

real-time.

By implementing Bank Wizard Absolute, you can dramatically improve profitability and customer service by reducing failed

transactions and improving your straight-through-processing rates. Bank Wizard Absolute minimises the potential for payment fraud by confirming in real-time that the bank account details provided actually belong to your customer. Know Your Customer (KYC) and other best practice guidelines (such as the Bacs guidelines for AUDDIS and Paperless Direct Debit) advise you to take measures to ‘know your customer’ to reduce payment failure and fraud.

By making the connection between your customer and their bank account details in near real-time at the point of sign-up, Bank Wizard Absolute can help you comply with increasing regulatory requirements, legislation and best practice for KYC. Bank Wizard Absolute allows you to make risk-based decisions on customer acquisition whilst enabling you to acquire customers more

efficiently online, over the phone or in-store without the need for paper based authentication.

Where you need to make payments using the Faster Payments system Bank Wizard Absolute can give you the confidence that the money you are transferring is going to the beneficiary you intend to receive it. As Faster Payments are irrevocable, confirming that the beneficiary account is valid and can accept a Faster Payment before submission is critical to providing a successful service. Bank Wizard Absolute confirms the validity of account details at the point of entry and enables you to identify where a Faster Payment would fail due to account closure, non-existent accounts or deceased account owner.

“UK businesses, particularly

corporates, increasingly

use automated payments,

and every business using

them will be aware of the

importance of accurate

and efficient payment

processing. However, not all

corporates may appreciate

that commercial products

like Bank Wizard Absolute

could potentially help them

achieve greater levels of data

accuracy,

straight-through-processing and therefore

more efficient processing.”

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Using the most

comprehensive payment

data, financial institution

information and validation

capabilities available for

over 228 countries and

terrotories worldwide,

Bank Wizard Global will

help ensure your payments

reach the correct

beneficiaries with minimal

risk of failure.

Capturing the correct

beneficiary bank account and

payment routing information

for processing cross-border and

international payments can be

time-consuming and costly.

Yet, these are vital steps to ensuring your payments reach the right destination quickly and efficiently. Bank Wizard Global is the international payment validation solution that enables you to maximise the straight-through-processing (STP) of your international payments by providing Basic Bank Account Number validation across 46 countries. Using the most comprehensive payment data, financial institution information and validation capabilities available for over 228 countries and

territories worldwide, Bank Wizard Global will help ensure your payments reach the correct beneficiaries with minimal risk of failure.

Bank Wizard Global allows you to;

• collect correct and relevant bank account details based upon specific country requirements (IBAN, BBAN or BIC and Account Number) • enter and convert between different account standards (BBAN and IBAN+BIC)

• validate IBANs and BBANs (where available) for increased confidence in account and bank accuracy • fully decompose IBAN information to ensure that the underlying BBAN is valid

• confirm the existence of bank or branch

• check BIC codes globally for international payment routing

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Experian - Bank Wizard | 7

Bank Wizard Card Services

extends the functionality

of Bank Wizard to validate

UK bank cards and match

debit card details to the

corresponding bank account.

Credit, debit, charge and pre-paid cards can be validated so that you can be sure that the details you wish to process are valid for the issuing financial institution. For MasterCard and Visa schemes, you can also verify that your customer and the account are connected by performing a status inquiry, AVS and CVV check.

As well as checking the details are in the correct format and that the card is active, verifying cards makes sure the customer and the card are connected. To do this it performs a CVV and AVS check.

The CVV (Cardholder Verification Value) check matches the CVV supplied with the CVV registered at the card company.

The AVS (Address Verification Service) check compares the address provided by the customer with the address registered at the card company. This is done by verifying the numeric portions of the

addresses (house number and the numbers in the post code).

Experian regularly updates the card validation and bank matching data to make sure you are validating against the most up to date scheme and issuer details, and the latest modulus rules.

Bank Wizard Card Services is implemented as an Experian Hosted web service. You do not need to install any software and Experian maintains the solution so that you can be sure the information is always up to date.

“With Experian doing most

of the work, our affiliates

were able to focus on

validating only those records

where data was missing.

This generated huge savings

in time and costs as the

data conversion would have

taken us several months

to complete, instead of the

few days it took Experian.

It meant we could focus

our resources on the most

beneficial tasks.”

Maxime Durdu

European Treasury Manager, Levi Strauss

For organisations with existing

databases of bank account

numbers, Experian offers a

service to validate the data

already held and to make sure

that it is cleansed and in the

format required.

With initiatives such as SEPA (Single Euro Payments Area) mandating the use of a standardised format for bank accounts using IBAN (International Bank Account Number) Experian’s data conversion service can take the data in your systems to;

• validate the bank account data is correct

• convert the data into IBAN

• provide routing information such as BIC (Bank Identifier Code)

• ensure your payments data is ready to meet SEPA requirements

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