Press Release
Because IBAN name checks are becoming mandatory
alseda Consulting and SurePay introduce SAP Add-On for IBAN Name Check
Frankfurt, September 26, 2023: alseda Consulting and SurePay, the leading provider of IBAN name checks from the Netherlands, today announce the launch of an SAP Add-On for IBAN Name Check. The new solution provides SAP users in all Eurozone countries with easy, directly integrated access to IBAN name checks for the first time. The integration streamlines many processes related to payment data, enhancing efficiency, security, and helping to prevent payment fraud. The solution for SEPA payments meets all the requirements of the European Commission regarding the soon-to-be mandatory integration of such checks for instant payments and bank transfers.
Due to a new EU Commission regulation for SEPA Instant Payments, expected to be adopted in 2023, a bank-side verification between the IBAN and the name of the account holder will soon become mandatory for instant payments. As part of another proposal by the EU Commission related to PSD3 and PSR, IBAN name checks are likely to become mandatory for all regular bank transfers in the foreseeable future. Against this backdrop, alseda Consulting and SurePay, the leading provider of IBAN name checks from the Netherlands, have collaborated to develop the software solution alseda INV: the first solution on the market directly integrated into the SAP landscape for matching IBANs with the recipient’s name. The joint solution targets companies across all industries and specifically financial service providers such as banks and insurers.
Specifications of alseda INV (IBAN Name Validation)
alseda INV is based on the standard for SAP S/4HANA® applications and manages the use of SurePay’s IBAN Name Check within the SAP landscape through intelligent functions. This allows users to verify their master data during data entry or during the payment process, significantly improving the quality of their master data, optimizing onboarding processes, and preventing erroneous payments.
Additionally, individually configurable settings can be applied to establish specific parameters for incorporating account data into master data. Furthermore, regular validation of existing bank connections in the SAP system, as well as event-triggered validation, such as when creating a new bank connection, is possible. alseda INV can be integrated into SAP standard applications quickly and without modification, on-premises or as a SAP Cloud application. A range of SAP applications are directly supported, including SAP Financial and Controlling, SAP Customer Relationship Management, SAP Human Capital Management, SAP Payment Engine, and SAP Business Partner.
Michael Hülsiggensen, Head of DACH Market at SurePay, explains:
“We aim to make the adoption and use of our systems and solutions as straightforward as possible, especially now that the pressure is high to implement IBAN name check integration. Therefore, we are very pleased to cooperate with alseda Consulting, resulting in a unique and smart integration solution for SAP users, enabling them to work directly with IBAN Name Check in their SAP applications and thus make all payment processes more secure.”
Frank Bergmann, Managing Director at alseda Consulting, adds:
“This collaboration between SurePay and alseda Consulting creates real value for our customers. With SurePay’s extensive experience in IBAN name checks and alseda’s SAP expertise, we have developed a true out-of-the-box solution for SAP users. The direct integration of the alseda INV solution into SAP applications allows for high automation and real-time processing of IBAN name checks.”
About SurePay
SurePay is the initiator and leading provider of IBAN Name Check. Founded in 2016, the Dutch fintech company offers an innovative real-time name check solution, providing payers with greater confidence that their payments are going to the intended recipient. This helps prevent transfers to incorrect individuals or companies, whether intentional through payment fraud or unintentional due to misdirected payments. SurePay is already connected with 100 banks in Europe and the United Kingdom, as well as hundreds of organizations. For more information, visit www.surepay.de.
About alseda Consulting
Based in Frankfurt am Main, alseda is a consulting company within the financial services industry providing a wide range of services in the IT sector. Since its founding in 2003, alseda Consulting has been designing and implementing sophisticated solutions and developments in the SAP environment in collaboration with its clients. The core competencies of alseda Consulting lie in the areas of payments, leasing, credit, and risk management.
Press Contact
Loredana Samban
Email: infomail@alseda.com