Logica, a business and technology service company, has launched a new solution that helps banks in the eurozone to deliver mandate management services for the single euro payments area (SEPA) Direct Debit (SDD) payments to their corporate clients. Based on the Logica All Payments Solution (LAPS), Logica Mandate Management provides the first single platform for both creditor and debtor mandates – reducing cost and time to market for banks. The solution, which is delivered through a ‘pay-as-you-grow’ license model, automates the lifecycle of SDDs and can be deployed in less than two months.
The onboarding of corporate clients to the Mandate Management platform is quick and easy, according to Logica. The solution integrates with a bank’s corporate services environment, effectively connecting with front-end systems, scanning services and, most importantly, any corporate back-end enterprise resource planning (ERP) or billing system. Functionality includes automatic upload of mandates, monitoring of expiration dates, BIC/IBAN conversions, flexible workflow and a debtor mandate database. This means the bank can also use it to provide enhanced services to personal customers, such as accessing mandates through electronic banking.
Zilvinas Bareisis, senior banking analyst at Celent, said: “The introduction of SDDs in November means that a single direct debit payments instrument – rather than one for each of 31 SEPA countries – can be used to collect funds from debtors. However, it means that responsibility for the set-up and management of direct debit mandates now falls to the corporates. While this won’t be mandatory until national schemes are switched off and full migration to SEPA is complete, the provision of an enhanced collection management service for corporates will give banks an early competitive advantage.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more