HSBC is implementing the Dovetail Payment Services Hub for its European volume payments system. The hub will initially process single euro payments area (SEPA) Credit Transfers (SCTs) and SEPA Direct Debits (SDDs), as well as automatically managing both debtor and creditor mandates for 11 countries. The project supports HSBC’s expanding European presence and underscores the bank’s readiness for, and commitment to, the upcoming SEPA end-date regulation set for February 2014.
With the certainty of the SEPA end-dates now in sight, HSBC customers are looking at how they can rationalise and streamline their payments operations in the eurozone in the post-end-date world. This project reinforces HSBC’s leadership in delivering unparalleled clearing services and value added capabilities.
Aite Group senior analyst Enrico Camerinelli sees this as significant in that it confirms that banks are acting to meet SEPA’s deadline. “This announcement clearly confirms that the established end date for SEPA is forcing banks to act. My expectation is that HSBC will use the solution for Europe to start and then extend it to Asia where its presence is very strong,” said Camerinelli. “At that point, the payments hub will have to embed foreign exchange (FX) and cash management services to handle currencies in countries where expatriation of funds is controlled.”
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