Bottomline Technologies Integrates TFPs Reference Data

Tuesday 21 October 2003 14:00 CET | News

Bottomline Technologies has added TFPs International Bank Account Number (IBAN) and Global Payment Files to their banking solution.

This addition provides the ability to automate the processing of cross-border euro-denominated payments. Now Bottomline customers will be able to make European financial payments quickly and accurately through WebSeries SWIFT messaging, with maximum straight through processing (STP). An International Bank Account Number (IBAN) is an account number formatted according to international standards to uniquely identify a bank account in European financial transactions. TFP compiles and regularly updates IBAN reference data which helps improve payment efficiency and straight through processing. Financial institutions and treasury professionals use the TFP service to match IBANs with the appropriate bank and branch as well as the associated SWIFT BIC codes for payment transactions and for resolving payment-processing problems. TFPs IBAN File is now incorporated into an optional module for Bottomlines WebSeries Payments product line. With the new service, Bottomline customers can now generate the new SWIFT MT103+ format, streamlining the straight through processing of financial payments and qualifying transfers for less expensive bank charges.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce