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The key to a successful and streamlined customer acquisition process is to ensure that the bank account details provided by the customer are correct from the outset.
Where bank account details are collected without being checked using account validation and roll number validation software, typically 8%* or more of the data will prove to be incorrect. This can result in an average repair cost of around £35 per record. Failure to validate account details can result in rejected payments and poor Straight-Through-Processing (STP) rates that can have a direct impact on administration costs and customer service.
To provide an efficient service to your customers and minimise costs you should ensure that you include bank validation software in your payment applications.
How we can help you validate your payments
Our leading payment validation software solution, Bank Wizard, ensures that bank account errors are kept to an absolute minimum enabling you to achieve significant cost savings and improvements in your customer service.
Try it for yourself online now for free with our Bank Wizard bank account validation demo.
* UK figures, uncorrected error rates are usually between 8% and 15%