Want to secure your payment processes and reduce fraud risk?

SkySparc introduces iBAV, an advanced Bank Account Validation tool designed to streamline validation of beneficiary bank details, ensuring secure business partner onboarding and payment processes. With the iBAV 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

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 iBAV 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

Ask us about ready-made ERP connectors

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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

United Kingdom
France
Netherlands
Italy
Germany
Spain

Americas

USA
Canada
Costa Rica
Brazil
Mexico
Peru
Uruguay
Argentina

Middle East & Africa

Nigeria
South Africa
United Arab Emirates
Ghana
Kenya
Saudi Arabia

Asia Pacific

Indonesia
India
Pakistan
South
Korea
Nepal
Vietnam
Bangladesh
Malaysia
Australia

Workflow

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 iBAV tool involves the following steps, which are all supported by the assigned iBAV:

1. 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.

2. Customer onboarding

Creation of customer credentials in iBAV and allocation of access to relevant validation sources.

3. Create your first validation request in the iBAV portal

4. Optional:

Connect your ERP or Master Data Management solution to iBAV for an automated process.

SkySparc iBAV

Validate bank account details efficiently and cost-effectively

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