Unified Software Rises to SEPA Challenge
Summary
In SEPA, incorrect data does not just mean a failed payment; banks now also have the right to impose a financial penalty for each invalid transaction.Whilst several vendors provide IBAN checker software, BankVal International is the only web service that can also check that any BIC code is valid and in use.To find out more about Unified Software visit www.unifiedsoftware.co.uk ### Houghton le Spring, United Kingdom, April 12, 2010 --( PR.com )-- Leading UK and International financial web services specialists, Unified Software , have extended their hugely successful BankVal International web service package to meet the demands of the new Single Euro Payments Area (SEPA).BankVal International is used by many companies worldwide including BP and JP Morgan Chase to validate cross border payments.In SEPA, incorrect data does not just mean a failed payment; banks now also have the right to impose a financial penalty for each invalid transaction.BankVal International has been designed to address this issue.Whilst several vendors provide IBAN checker software, BankVal International is the only web service that can also check that any BIC code is valid and in use.George Barron, CTO at Unified Software comments:“SEPA has increased the demand for validation of banking data – submitting incorrect IBAN or BIC data is time consuming and expensive.
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