Bank of America Merrill Lynch Selects Accuity?s IBAN Solutions to Help Its Corporate Clients Achieve SEPA Compliance

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 and Asia Pacific. ?We are excited to offer our enhanced IBAN services to the bank?s valued customers so that they can benefit from the lower cost of SEPA-compliant payments.

?Accuity?s IBAN solutions are underpinned by a unique, comprehensive and multi-layered verification process. They help users convert legacy account information quickly and efficiently into accurate and validated IBANs that are required for certain SWIFT payment messages.?

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.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company's corporate and investment banking, and sales and trading businesses operate under the Bank of America Merrill Lynch brand. Bank of America Merrill Lynch focuses on middle-market and large corporations, institutional investors, financial institutions and government entities. It provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Bank of America Merrill Lynch serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and nearly 96 percent of the Fortune Global 500.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

http://www.bankofamerica.com

Accuity

Accuity is the leading provider of global payment routing data, AML screening software, and services that allow organisations, across multiple industries, to maximise efficiency and facilitate compliance of their transactions.

Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services.

Accuity provides the industry with its Golden Copy of payment data, delivering essential and readily-accessible payment information with precise and comprehensive data for all bank offices worldwide. Only Accuity has the following key strategic partnerships:

????Accuity is the official provider of the European Payments Council SEPA adherence database.
????Accuity is the official provider of the Euro Banking Association Priority Payment Scheme central registry.
????Accuity is the official registrar for the American Bankers Association routing numbers.
????Accuity is the official provider of the Irish Payments Services Organisation?s (IPSO) directory of National Sort Code database.

For more than 150 years Accuity?s worldwide clients, located in over 150 countries, have included banks, corporations and government organisations. The solutions and services Accuity provides are packaged in multiple formats to serve their diverse needs.

For more information, contact Accuity at http://www.accuitysolutions.com.

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Accuity?s TGBR Reduces Costs and Increases Payment Efficiency With the Industry?s Most Complete Database of National Bank Codes

Skokie, IL (PRWEB) May 11, 2011

Accuity, the leading provider of payment routing data is pleased to announce its powerful online payment look-up tool, The Global Banking Resource? (TGBR), offers the industry?s largest and most trusted database of national bank codes for countries and territories around the world. The collection of national bank codes that Accuity has compiled, along with the most complete database of SWIFT/BICs, CHIPS and bank details for every office in every country around the world, allows Accuity to offer the most comprehensive set of payments data available.

TGBR?s national bank code data provides financial institutions and corporations the opportunity to dramatically reduce costs when making international payments. By providing more national bank and branch clearing codes than any other source, TGBR enables users to optimize their payment routing decisions saving time and money. By choosing to make local payments whenever possible, organizations can often bypass more expensive cross-border payment methods and payment networks.

A critical component of Accuity?s payment routing data, the industry?s Golden Copy, the national bank codes within TGBR further reduce costs by ensuring the validity of codes that have been submitted for payment. The solution?s powerful, easy-to-use search engine enables users to validate information supplied by customers, vendors or other data providers for correct length, format and branch information, reducing or eliminating the likelihood of return payment fees. Updated daily, TGBR allows users to search by a wide range of criteria such as location and institution type and offers access to the most SSIs and correspondent information in the market providing the most comprehensive source of critical payment routing information for all bank offices worldwide.

?Accuity is committed to helping our customers save money whenever and wherever possible by providing them with the right information, the right tools and the right functionality to increase payment straight through processing,? said Robert McKay, managing director of Accuity?s payment solutions. ?By offering the most comprehensive and granular national bank code data available anywhere, TGBR is helping them achieve that goal, regardless of where a payment is to be made or what borders it has to cross.?

Additional information about TGBR can be found on Accuity?s web site. To learn more about this comprehensive payment tool, request a free trial today or contact Accuity?s Customer Service Team at custserv(at)accuitysolutions(dot)com.

About Accuity

Accuity is the leading provider of global payment routing data, AML screening software and services that allow organizations, across multiple industries, to maximize efficiency and facilitate compliance of their transactions. As the Official Registrar of ABA Routing Numbers since 1911, Accuity maintains the most authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services. For more than 150 years, our worldwide clients, located in over 150 countries, have included C-level executives, managers and technology professionals. The solutions and services we provide are packaged in multiple formats to serve their diverse needs. For more information, please visit http://www.accuitysolutions.com.

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