SkySparc’s BAV Solution
Validate bank account details efficiently and cost-effectively
SkySparc introduces BAV, an advanced Bank Account Validation tool designed to streamline validation of beneficiary bank details, ensuring secure business partner onboarding and payment processes. With the BAV tool, clients can significantly reduce the risk of payment fraud and misdirected payments, directly tackling the rising threat of payment fraud attempts.
The SkySparc Advantage
Real-time account verification that reduces errors, lowers risk, and strengthens compliance. Fewer manual checks. Faster, more reliable payments.
Time Savings
Significantly reduce the time spent on manual validations.
Cost Efficiency
Achieve substantial FTE cost savings.
Risk Reduction
Our selection process considers both current requirements and future scalability.
Compliance
Ensure that your financial transactions meet governance and compliance requirements.
Solution overview
The BAV tool offers a comprehensive solution to automate manual data validation processes:
Standardized API for seamless integration with your ERP system
Easy portal access through a separate login or Single Sign-On
Support for multiple countries and validation sources
Versatile application across various financial workflows
Coverage
Confirmation of Payee and similar services are among the most effective methods for validating bank account ownership in real-time. However, as these services lead technological and regulatory development, achieving full global coverage is not yet possible. Validation sources are either live or under development in below countries.
Europe
France
Netherlands
Italy
Germany
Spain
Sweden
Norway
Denmark
Finland
Iceland
Poland
Americas
Canada
Costa Rica
Brazil
Mexico
Peru
Uruguay
Argentina
Middle East & Africa
South Africa
United Arab Emirates
Ghana
Kenya
Saudi Arabia
Asia Pacific
India
Pakistan
South Korea
Nepal
Vietnam
Bangladesh
Malaysia
Australia
What our clients says
"Since my team started using SkySparc’s BAV Portal as part of their daily routine, everything has just worked. No complaints or errors to handle.”
“We have used BAV on all our payments for over a year now, and it’s essential in the fight against fraud.”
How it works
Each validation is routed to the best data source and returned instantly as Match, Close Match or No Match – giving you clarity and control from start to finish.
1a. Initiation option 1
Create manual validation requests in web portal.
1b. Initiation option 2
Trigger validation from master data management or payment runs in your ERP.
2. Routing
Depending on validation of bank account location, the iBAV will route the validation request to the most suitable validation source. This can be Confirmation of Payee schemes, proprietary bank solutions or public authority databases.
3. Response
The validation source will return a response in the form of Match / Close Match / No Match, which will be available in the portal and/or returned to the initiating system from 1b.
Implementation
Implementing the BAV tool involves the following steps, which are all supported by the assigned BAV.
Identify location of bank accounts to be validated and volumes of request
The iBAV connects to a long list of validation sources within public authorities and the financial industry. One or more validation sources can be chosen based on the customers individual needs.
Customer onboarding
Creation of customer credentials in iBAV and allocation of access to relevant validation sources.
Create your first validation request in the BAV portal
Use the portal to create and submit your first validation request. You’ll see immediate results and a full audit trail of each check.
Optional
Connect your ERP or Master Data Management solution to iBAV for an automated process.
The AI-Enabled Finance Future.
We embed AI and automation into everything we do - from anomaly detection in reconciliations to predictive cash forecasting. With OmniFi, CFOs and treasurers gain a foundation for data-driven decision-making that scales as their organization evolves.
