On the back of the EU decision to mandate February 2014 as the end date for the single euro payments area (SEPA), Germany-based vendor Omikron is launching new migration and conversion tools in its SEPA solution suite. Aimed at corporate treasurers and others who will have to use the SEPA instruments, the vendor is hopeful that the market for such products will now receive a boost.
The aim of SEPA is that credit transfers and direct debits can be processed quickly, easily and cost-effectively throughout the European payment area but volumes at the moment are very low. It is hoped that an end date and increased governmental usage of the new payment instruments, as has happened in Finland but not in larger countries, will yield greater volumes and economies-of-scale savings. But for corporates it is more about ensuring your BICs, IBANs and processes are all aligned to run over the new payment infrastructure in Europe to ensure staff and trade payments across businesses as required.
Omikron claims that its new suite of solutions meets all the SEPA-mandated rules and the insistence upon ISO 20022 XML messaging standards. Its SEPA orders module can directly and automatically convert legacy file formats, says the vendor, easing the switchover to SEPA Credit Transfers (SCTs) or SEPA Direct Debits (SDDs). Checking files from third-party applications, crucial in a financial supply chain, is also possible in the SEPA solution suite.
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