JPMorgan’s Treasury Services business is helping its clients to enhance European receivables management by introducing the single euro payments area (SEPA) Direct Debit (SDD) services on the launch date of 2 November 2009. Financial institution and corporate clients of JPMorgan will be able to participate in both the core business-to-consumer (B2C) and business-to-business (B2B) schemes.
SDD is the world’s first pan-regional cross-border direct debit instrument and provides clients with a simple and cost-efficient way to collect high volume payments in Europe. SDD offers many benefits to corporates including:
- Greater control over collections as authorised SDD transactions are irrevocable.
- Guaranteed transmission of 140 characters of remittance information to help simplify and automate reconciliation processes.
- The opportunity to rationalise the number of accounts in Europe, which in turn will assist with management of liquidity.
“JPMorgan has supported SEPA as an initiative to standardise payables and receivables in Europe, and the SDD is the next logical step in its evolution. As all eurozone banks will be reachable by SDD by late 2010, corporates can now start preparing to reap the benefits of this new payment instrument which will help centralise and standardise high volumes of collections,” said Alex Caviezel, head of JPMorgan Treasury Services in Europe, Middle East and Africa (EMEA). “SDD adoption will result in process efficiencies which should boost competitiveness in today’s challenging markets. JPMorgan has seen a great deal of interest in this service from clients in recent months, and we expect that to continue as SEPA continues to build momentum.”
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