Ahead of the 1 February 2014 deadline, when the single euro payments area (SEPA) regulation will take effect, Volante Technologies has launched its SEPA Accelerator tool designed to ease the migration and deliver immediate compliancy.
According to the financial data integration specialist, the new tool not only ensures that those operating within the eurozone become compliant, but also enables organisations with accounts held in the eurozone, to also become compliant. As the deadline approaches, significant costs will be borne by banks and corporate, which have no choice but to use costly transformation services.
The SEPA Accelerator delivers complete support for all SEPA message standards and helps financial institutions (FIs) and corporates address the challenges associated with the mandatory adoption of SEPA for credit transfers (SCTs) and direct debits (SDDs). It also includes support for the multiple standards that may be required for data integration purposes and transformation.
“The percentage for SEPA-compliancy across SCTs and SDDs is staggering low, particularly for direct debits,” said Fiona Hamilton, vice president for Europe, the Middle East and Africa (EMEA), Volante Technologies. “Lengthy deadlines and SEPA deadline uncertainty, can be held partly to blame for the lack of take-up; but the fact remains that 1 February 2014 is a fast looming deadline and ‘wait and see’ is no longer a viable option.
“For corporates and banks that continue to do nothing, transformations services may be provided by their bank for a short period, but only at a cost and which will only ever be a short-term solution.
“We can dramatically speed up compliancy rates for all corporates and banks; from those using SAGE and Microsoft QuickBooks to those using SAP and Oracle which enables all such organisation types to avoid the excessive costs of bank transformation charges.
“We understand that the on-going cost and maintenance efforts required to support evolving standards can have a major impact. To address this, we constantly develop the list of standards that we support, and provide automatic upgrade utilities to ensure the lowest possible total cost of ownership.”
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
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