JACCOO, the Netherlands-based payments and collections platform, has recently launched a format conversion service ahead of the 1 February 2014 migration deadline for the single euro payments area (SEPA). The service can convert any format send by ABN AMRO, ING and Rabobank.
According to the company’s release: “When you want to perform a SEPA credit transfer [SCT] or SEPA direct debit [SDD], the content in the fields of the existing MT940 format changed. This change results in the fact that the VerwInfo reporting expires when Equens can’t process domestic payments anymore. You will receive all the information directly from the bank in the MT940 reporting.”
JACCOO added that standard format conversion service means that companies and their corporate treasuries can still receive the VerwInfo in the form they expect and can continue to receive account information.
Explaining how the format conversion service will work, the group added: “As a corporate you can deliver the account information directly by the bank to JACCOO. A second option is that the bank sends the information to your corporate and then you send the information to JACCOO.
“The format conversion service of JACCOO processes the information and ensures that it fits your current administration system. The information is processed immediately. So you can always view your up to date payment information.”
The new service is being promoted as providing the following benefits:
- A solution for payment information exchange between banks and corporates.
- Each bank statement format is converted into VerwInfo.
- Corporates receive a daily statement in the desired format.
- SEPA migration is supported.
- Easy integration with current administration system, quick implementation and completely safe.
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