The UK Payment Council has appointed Exprian
to create, manage and maintain an industry database on corporate
payments as of 2012.
The UK Payment Council said that this would
“improve the accuracy” of online- and telephone-based payments as
Experian will collect, verify and standartise information on how
banks’ corporate customers receive bills. This will also ensure
that banks keep information up-to-date and accurate.
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Jonathan Williams, director of strategy at
Experian Identity and Fraud, said:
“Experian estimates up to a quarter of
customer references are invalid or incorrectly formatted,
increasing the time it takes to credit payments and sometimes
preventing them from being credited altogether, particularly when
bill issuers change their account details, switch banks, or are
involved in a merger or takeover.”
The launch of the database is part of the UK
Payment Council’s National Payments Plan (2011-2014) to improve
payments systems.
Hilary Plattern, head of strategy for the
Payments Council, said: “Customers making payments benefit from
increased confidence in the accuracy of the information they use to
pay bills online or over the phone, while companies can be
confident their customers are using up-to-date bank account and
sort code details, as well as correctly-formatted references.”
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