Unified Software, which provides financial web services, said it has extended its bank account validation system with BankVal UK Version 2 and a completely new product called BankVal Server.

Unified Software launched its first version of BankVal UK in 2003. Customers have included BT, the UK telecom company, as well as campaigning organisations and charities.

BankVal UK validates bank account details before they are submitted to the BACS payment network, ensuring direct debit and credit payments work first time, thereby saving time and money spent on correcting rejected payments.

BankVal v2 has been enhanced to cater for the new UK Faster Payments System (FPS). FPS is the new electronic payments network which processes financial transactions in hours rather than days.

BankVal Server, meanwhile, offers businesses a bank account validation system that can be hosted using their internal IT infrastructure, thus providing greater flexibility within the businesses existing systems.