Press Release
Because IBAN name checks help prevent fraud
alseda Consulting introduces SAP Add-On for IBAN Name Check
alseda Consulting announce today 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 SEPA rulebook regarding the soon-to-be mandatory integration of such checks for SEPA instant payments and SEPA CT bank transfers.
Due to the regulation for SEPA Instant Payments, expected to be adopted , 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 developed the software solution alseda PreVOP: the first solution on the market directly integrated into the SAP landscape for matching IBANs with the recipient’s name. The solution alseda PreVOP targets companies across all industries.
Specifications of alseda PreVOP (Pre-Verification of Payee)
alseda PreVOP is based on the standard for SAP S/4HANA® applications and uses intelligent functions to control the use of IBAN name checks within the SAP landscape. This allows users to verify their master data during data entry or payment processing, significantly improving the quality of their master data, optimizing onboarding processes, and preventing incorrect payments.
Individually configurable settings can also be applied to define specific parameters for transferring account data into master data. Furthermore, regular validation of existing bank accounts in the SAP system, as well as event-driven validation, such as when creating a new bank account, is possible. alseda PreVOP can be quickly and easily integrated into standard SAP applications, either on-premise or as an SAP cloud application. A range of SAP applications are directly supported, including SAP Finance and Accounting, SAP Customer Relationship Management, SAP Human Capital Management, and SAP Business Partner.
Frank Bergmann, Managing Director at alseda Consulting, says:
“Companies need certainty before a payment is initiated. Particularly in the context of Verification of Payee and the use of opt-out options, a gap emerges in the payment process. With alseda PreVOP, we enable early validation of supplier bank details and support treasury teams in reducing risks and ensuring more stable payment processes.”
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, treasury management, loans and risk management.
Press Contact
Loredana Samban
Email: infomail@alseda.com