Theme: Meeting the needs of consumers and merchants
Exec Summary
Each Financial Institution has different numbering systems and check digit routines for
their customer’s accounts which prevents the automated verification of the validity of the
account being accessed.
Full Submission
Each Financial Institution has different numbering systems and check digit routines for
their customer’s accounts which prevents the automated verification of the validity of the
account being accessed.
Each Financial Institution should be required to formalize their account numbering
systems and publish the routines for use by all payment originators. Ultimately a
comprehensive number system, equivalent to IBAN should be implemented. This would
ensure payments are processed promptly and correctly.