In this post; we are going to tell you how you can speed up your sales and collections department by using an IBAN Validator API to verify that your money goes to the current accounts of your suppliers and not to the hands of scammers. Read to the end to find out more!
Checking the validity of a bank account is usually a time-consuming and difficult task, which in many cases can end up slowing down your sales or taking considerable time. However, it is also a vital task, since if payments are made to the wrong accounts or scammers, it is likely that you will never see that money again and that it could represent great damage to your project.
Usually, this task falls to the hands of the company’s collection and finance team; who must check the origin and destination of all the money that enters and leaves; but as we pointed out, it is usually a time-consuming task.
Even more so if they need to validate the bank details of a new supplier, given that it is necessary to consult the corresponding bank branch; if there is one in your city or region, and then wait for a long bureaucratic process.
Fortunately, solutions are emerging that allow you to perform these tasks in seconds; and without having to go through any type of bureaucratic process. APIs are revolutionizing the market since they allow tasks related to database checking; and synthesis to be carried out in seconds. Most importantly; without the need for your project to acquire expensive hardware, since they work through the internet.
How An API Can Detect Fake Bank Accounts?
AN IBAN validator API performs a checksum calculation to determine whether the bank account entered is valid. If the IBAN entered is valid, their platform attempts to identify the bank owner of this account, as well as the country, address, bank identification code (BIC, from the English Business Identifier Code), and other banking information.
They can currently run tests with local account validation algorithms in 77 countries, adding a second layer of protection against invalid IBAN data. The banking data source currently contains detailed information on over 100 countries’ branch offices.
It is for all this and more that hundreds of companies began to implement APIs to check their payments; since it offers greater security and efficiency in the purchasing and sales process of their companies. Having said that, we would like to recommend you to try this API that has just entered the market and promises excellent services or very affordable costs!
Make Your Company Have The Most Up-To-Date Information!
With IBAN Validator API, you can validate any bank account information (IBAN, BIC/SWIFT, and BBAN) programmatically. It will get the IBAN and offer validation to you if the number is correct.
You can also access further information on the bank, giving you more information about where the account is located. It will validate any number from any Euro country and can also generate IBAN.
IBAN Validator API is also useful for easily converting BBAN numbers to IBAN. If you need to give someone outside your nation your bank information, they will need IBAN, so you will automatically generate these numbers for them. More importantly, if any taxes apply to your transactions, you will be notified ahead of time.
Related Post: Validate Any Bank Account Information Instantly With This API!
Also published on Medium.