Turning data into information

CunterParty Validator

Today’s legal and operational Know Your Client (“KYC”) requirements make it critical that you not only have all the necessary details relating to your counterparty but also that you maintain these details.

Furthermore, with the changes required by SEPA in February, 2014 all payments within the EU will no longer be possible using sort codes and bank account numbers, instead BIC and IBANs will be mandatory. Do you have all the new banking coordinates for your suppliers?

CounterParty Validator provides you precisely with that service.

CounterParty Validator consists of 3 modules to fit your specific requirements:

  • CounterParty Validator Classic
  • CounterParty Validator Premium
  • CounterParty Validator Plus

By combining Invoice Validator Premium with CounterParty Validator Premium, Suppliers and Buyers can also manage their trading risk profile.

Counterparty Validator Classic

We will then provide you with a report containing:

  • The list of those VAT and Company Registration Numbers which are invalid (if any).
  • For each valid VAT number:
    • the name and address as indicated by the relevant tax authority of that EU country
  • For each valid Company Registration Number (1):
    • the registered office address
    • date of incorporation
    • the nature of business and details of previous names
    • company type
    • company status, e.g. live, dissolved, etc.
    • insolvency details or actions registered against the company
    • key filing dates
  • For bank accounts:
    • A list of: bank account numbers, sort codes and BICs (if any) which have invalid formats
    • The number of BBANs that will have to be converted to IBAN + BIC when SEPA is fully implemented in February, 2014.

Counterparty Validator Premium

In addition to the information provided in the Classic Service, the Premium service includes validating:

  • Names of Directors.
  • Names of House Bank(s).
  • Validation of the company’s bank account details (BBAN or BIC and IBAN).
  • The current Experian credit rating.
  • Whether the bank accounts indicated in the ERP are actually held at the House Banks indicated.

Counterparty Validator Plus
In addition to the information provided in the Premium Service, Counterparty Validation Plus includes an email alert service covering changes to:

  • Company name.
  • Company registered address.
  • Experian credit rating.
  • Change of directors
  • House bank(s).

 


(1) Covers all EU countries

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