The German co-operative banking group is licensing Omikron’s full single euro payments area (SEPA) product range, via its central institutes DZ Bank and WGZ Bank.
The introduction of SEPA is a major step towards one standardised payments area across Europe. By 1 February 2014, most of the legacy national settlement schemes will give way to the central SEPA clearing structure for euro transactions.
With time pressing, many corporates are now looking for flexible and automated tools to ease the transition to SEPA. There is a particularly strong demand for solutions which ensure full SEPA compliance, while at the same time minimising the effort needed to migrate. This was the driver behind the decision of DZ Bank and WGZ Bank to licence the MultiCash SEPA all-round suite. This licence allows parts or the entire package to be used by all members of the German co-operative banking group.
Any client of the co-operative banking group using the Geno cash electronic banking (e-banking) can have at their fingertips a set of solutions to move to SEPA. One benefit is the option for managing SEPA Direct Debit (SDD) mandates.
“There are a variety of different challenges which corporates face when migrating to SEPA,” said Stefan Brusky, transaction banking expert at DZ Bank, and Reimund Nippert, product manager for payments at WGZ Bank. “Omikron’s SEPA package enables us to offer our corporates flexible solutions to match their individual requirements.”
The first priority – to ease the transition to SEPA in a short timeframe – is met by Omikron’s migration and conversion products, for instance directly converting legacy file formats with no need for manual intervention.
Not far behind is the requirement for keying and managing SEPA compliant orders, fully supported for Credit Transfers (SCTs) and SDDs in Omikron’s SEPA Orders module. These commonly used functions are enhanced by more specialised options, for instance supporting the administration of SDD mandates or for checking the SEPA compliance of files generated by third-party applications. Each corporate can mix and match the solutions individually as required.
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