What is IBAN File? 

The IBAN File is a service that allows you to improve automation in the routing of payments, reducing the time spent investigating and correcting transactions that include the IBAN of a bank account. In addition, it allows obtaining the BIC corresponding to the entity receiving the operation, together with complementary information about said entity.

Likewise, the IBAN File additionally includes all the information that is considered necessary for the process of a payment to be considered fully automated from start to finish (STP). With the use of this service, the entity achieves a substantial increase in the percentage of payments that obtain STP status in the 83 countries and territories, including the SEPA zone, that use the IBAN as a standard for identifying bank accounts.

Operation of the service

After joining the service, the participating entity will receive the software and files so that it can install them directly in its applications.

Periodically, each entity receives an individual update of the files and programs, as well as Accuity's own technical assistance service via email. Updates occur daily, or every 15 days.

What advantages does it provide?

The IBAN (International Bank Account Number) and the BIC (Business Identifier Code) are the only identifiers of the current account and the bank accepted in transactions carried out between the 36 countries that make up the Single SEPA Payment Zone. Since February 2016, when customers want to make a transfer, they only need to provide their payment service provider with the IBAN of the beneficiary's account, so the latter must obtain the BIC corresponding to said IBAN. In the event that there is no exact correspondence between the IBAN and the BIC, the transactions will not be considered STP and the receiving entity usually applies high fees for the repair of the message. Therefore, it is essential that entities can order transfers with the correct IBAN and BIC. IBAN Payments File allows you to automate the treatment of operations, avoid delays in processing and save a very considerable amount in the commissions that are applied for sending payments that do not obtain the STP qualification and must be repaired by the beneficiary.

Likewise, this service helps the automatic processing of operations in the case of MT103 + messages when the beneficiary's account is identified with an IBAN. It is also very useful in sending payments to the more than 100 countries around the world that have also adopted the IBAN as a standard for identifying bank accounts.