Fitting to SEPA standards with HSBC

[img_assist|nid=9155|title=|desc=|link=none|align=left|width=100|height=44]HSBC Group is introducing its Global Payments Directory BIC and IBAN solution to help its clients simplify cross-border euro-denominated payments and reduce repair fees. With the new product customers will be allowed to validate BIC and IBAN details before payment submission or, if required, to derive these details from a bank name, address and BBAN (Basic Bank Account Number), subject to counterparty verification which means quicker and more accurate payment processing.

The solution will help clients achieve straight through processing (STP) levels especially in Europe and will enable them to take advantage of lower costs and reduce the risk of payment delays or rejections.

Within a few years the payments landscape in Europe underwent a number of alterations. SEPA regulations make the use of BIC and IBAN to identify the bank and account of the beneficiary to be mandatory for all cross-border payments in euros within the region. Moreover some European countries adopted IBAN as part of their own domestic payment standard.

HSBC’s global corporate and financial institutions can access the Global Payments Directory BIC and IBAN either on-line or on a CD.