Payment data is a key requirement when moving money around the world. And, as we’re doing this more and more, the quality of payment data is becoming increasingly important worldwide. Organizations throughout the whole financial industry ecosystem are moving towards safer and more robust practices when it comes to managing their payment data for their clients and customers. This not only improves the management of the data, but ensures businesses are meeting all their regulatory obligations.
Currencycloud is part of this ecosystem so we’re adding additional validation checks on some of our payment data to ensure its quality.
We’re adding additional checks to the fields listed below to provide extra validation on this information. When providing data relating to these fields, please ensure it meets the following criteria:
- Date of birth (DOB): The DOB provided for the beneficiary should not result in an age greater than 125 years old
- Address: If a beneficiary and payer address is required, data entered should be alphanumeric and not consist of entirely numeric characters for the following fields:
- State or Province
- Name: For both payer and beneficiary names, the following criteria will apply:
- Length - the first and last name must have a length greater than one character.
- Initials – full names are required, and we don’t accept initials in the first name field, I.e., ‘A. Name’.
- Individuals / companies – when entering an individual name, company names or signifiers will not be accepted e.g. Joe Bloggs Ltd.
- Numeric characters – individual names cannot contain any numeric characters, and company names cannot consist of entirely numeric characters.
If you try to provide any information which does not meet the above criteria, you will receive an error message and will need to resubmit the information.
When will the changes be live?
The validation checks will be live from mid-January 2024 on both Currencycloud Direct and our APIs. We’ll be in touch closer to the time to confirm the exact date.
What do I need to do?
If you’re already providing any of the above information when making payments, going forward we’d encourage you to check that you’re meeting the new requirements as soon as possible so you don’t run into any errors once this change is live.
If you provide this data automatically via our APIs, please make any relevant changes to your processes and ensure you’re following best practice setup when using our APIs.