01 July 2010 News

 

BofA Merrill refers corporates to Accuity for IBAN/BIC conversion

Bank of America Merrill Lynch has picked Accuity's international bank account number conversion and validation solutions to offer to corporate clients processing eurozone payments, allowing them to automatically convert legacy account details into valid IBANs and correctly route Bank Identifier Codes.

Carole Berndt, head of Global Treasury Services, EMEA, said: "We believe Accuity's end-to-end IBAN conversion, validation and maintenance solutions help us provide our clients with a comprehensive solution to convert legacy account payments data into SEPA payment format."

By submitting payment transactions that contain the correct IBAN and routing BICs, BofA Merrill's clients should benefit from higher rates of payment straight through processing (STP) and experience a reduction in the inefficiencies associated with payment errors and repairs.

The referral agreement with Accuity is part of BofA Merrill's multi-year investment in new technology and supports the company's continued focus on treasury management, corporate banking and other businesses in key global markets.