Bank of America Merrill Lynch Selects Accuity’s IBAN Solutions to Help Its
Corporate Clients Achieve SEPA Compliance
Accuity’s IBAN Validation and Conversion Capabilities Help Improve Payment STP Rates and
Reduce Costs of Payment Failures and Repairs for BofA Merrill Customers
London UK (PRWEB) July 2, 2010 -- Bank of America Merrill Lynch (BofA Merrill) today announced that it has
selected Accuity’s international bank account number (IBAN) conversion and validation solutions to help
corporate clients successfully meet the compliance challenges of the Single Euro Payment Area (SEPA) initiative.
These solutions can help reduce the cost to clients of processing eurozone payments by automatically converting
legacy account details into valid IBANs and correct routing Bank Identifier Codes (BICs).
“The unparalleled solutions offered by Accuity provide the essential tools our clients need in order to reduce
costs, optimise payment efficiencies and manage previously manual, time-consuming processes,” comments
Carole Berndt, head of Global Treasury Services, Europe, the Middle East and Africa (EMEA). “The referral
arrangement we now have in place with Accuity demonstrates yet another way in which Bank of America Merrill
Lynch is focused on providing clients with products and services that allow them to move money faster, more
safely, and with greater ease anywhere in the world.
“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.
“Accuity has a relationship with Bank of America Merrill Lynch that dates back over 70 years,” said Malcolm
Taylor, Accuity’s managing director for EMEA