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BIC Validation
Overview
BIC or SWIFT codes are unique bank and branch identifiers in the banking industry. When processing international and domestic payments, the BIC ( Bank Identifier Code ) is a critical component in routing the payments.
To ensure your funds reach the correct destination, you will need to be sure you are supplying the valid and correct BIC code The BIC Validation service provides access to the constantly updated BIC Directory.
Under the hood
Key features provide a comprehensive solution for validating payment details
- Lookup bank and branch data by a BIC code
- Lookup BIC codes by bank name
- Identify operationally active from inactive BIC records
- Check historical records to track BIC record changes
- Check entity status for FileAct, FIN, InterAct systems
- Identify entity and branch full postal address
Simple and powerful
We have tailored key features for efficiency and flexibility when using our services
- Mobile friendly web interface
- Sub-user accounts for company employees
- Single call REST based Simple API ( providing basic bank details)
- Single call REST based Extended API ( providing full records from the BIC Directory )
Solutions
As with other payment validation methods, the BIC Validation finds a variety of applications
- Live Payment Validation - BIC Lookup of bank details prior to processing to optimize payments.
- Data Cleansing - Cleanup invalid our outdated data by performing a mass/batch BIC searches on existing payment details in your system.
- User Input Validation - Validate payment data upon user entering the IBAN in the system. Protect against typing errors.
- User Input Autocompletion - Provide better user experience by retrieving bank details when user enters a BIC code in your system.
- Compliance - Helps businesses comply to resolution 092/05 issued by the European Payments Council regarding mandatory use of BIC and IBAN.
Data Quality
By using data licensed by S.W.I.F.T SCRL, the official regulator of BIC codes, our clients can rely on the up to date and accurate data returned by the service.
