Experian, a global credit information company, has joined forces with Citi to provide an automated International Bank Account Number (IBAN) and Bank Identifier Code (BIC) conversion and validation service for SEPA-compliant cross-border payments.

Under the terms of the agreement, Experian's Data Conversion Service will be delivered across all 31 countries in the SEPA region. The initiative also targets Citi customers making payments to and from the SEPA area from any location in the world.

Experian will verify, validate and convert existing domestic BBANs (Basic Bank Account Numbers) to the required IBAN and BIC standard in bulk, enabling customers to avoid rejection or failed payments. Citi's customers will check invalid records that require supplementary or correct information to be obtained or verified, such as invalid account numbers and closed bank branches.
Some European countries have already adopted the IBAN as part of their domestic payment standard.