Dresdner Kleinwort, the investment bank of Dresdner Bank AG, is the first European bank to connect to the new cross border payment transaction platform of the European Banking Association (EBA), compliant with SEPA standards. The initial test phase of the EBA platform is planned in order to adapt cross-border payment transactions in the Eurozone to the improved conditions of the “Single Euro Payment Area“ (SEPA) at the beginning of 2008.
Following the integration of Dresdner’s cash management activities into Dresdner Kleinwort, the investment bank is now leading the SEPA project for the whole of Dresdner Bank. “Payment transactions and Cash Management are now core businesses of Dresdner Kleinwort“, Stefan Jentzsch, CEO of Dresdner Kleinwort comments. “With this initiative we believe Corporate clients in particular will benefit from the uniform SEPA data formats through improved liquidity management“, he added.
Dresdner Kleinwort considers the standardisation of European payment transactions as a big opportunity for its clients and therefore supports the SEPA initiative. By signing up to this programme as a pro-active participant, it hopes to help create the conditions for the pre-testing. In the next pilot phase further banks will be involved in the testing. As of January 2008 the SEPA requirements will be mandatory in the Eurozone. As a result, the period of money-transfers will be shortened from three days to one day in the SEPA zone, by 2012.
“SEPA gives our clients excellent opportunities to further optimise their European cash management“, says Manfred Fleckenstein, Head of Global Cash Management at Dresdner Kleinwort, based in Frankfurt. This also applies to small and medium- sized banks that do not wish to invest in their own systems. Additionally, Dresdner Kleinwort plans to offer the SEPA services to other financial institutions, as another reason behind its interest in early implementation.