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Linedata helps its clients to achieve a smooth SEPA migration

With Linedata, credit institutions are confident in the run-up to 1 February 2014

Linedata, (NYSE Euronext: LIN (NYSE Euronext: LIN) the global solutions provider dedicated to the investment management and credit industries, today announced the deployment of its SEPA credit transfer and direct debit modules. In consultation with its clients, Linedata is offering an integrated solution with its Linedata Ekip and Linedata Profinance software solutions in order to make the SEPA migration as seamless as possible.

All credit institutions and banks are required to apply the new SEPA (Single Euro Payments Area) formats and procedures by 1 February 2014 at the latest. After this date, all Euro-denominated credit transfers and direct debits will be executed in a standardised format covering 33 European countries. As major payment hubs, credit institutions are directly impacted by SEPA. Many of their processes and functional areas are involved, which means adjustments must be made to their information systems.

Linedata, a long-standing technology partner of many banks and credit institutions, supports its clients by including dedicated modules in its Linedata Ekip and Linedata Profinance solutions to manage SEPA data formats. These modules are integrated into the very core of the software packages so that they can handle IBAN account formats and direct debit mandates, with more direct access to data from clients, distributors, partners and other third parties. This integrated offering implements the new account and exchange formats and makes it easier to interface with external systems for managing payment methods. As a result, IBAN-format accounts, mandates and direct debits are managed transparently.

“From the outset, we knew that rolling out SEPA would be a major project that would impact numerous processes and that we had to begin preparations well in advance”, said Karim Tsouli, CIO of CreditPlus Bank AG, a subsidiary of Sofinco. “We have built a strong partnership with Linedata to deploy the SEPA modules within our Linedata Ekip and Linedata Profinance solutions, which are pivotal to our financing business. We were particularly impressed with the Linedata team’s dedication and responsiveness throughout the project phase, as well as with the level of expertise of the consultants who supported us all the way through to system implementation.”

“Our approach is founded on our partnership with our clients” comments Olivier Joly, Asset and Consumer Finance Head of Sales at Linedata. “We are constantly interacting with them so that we can anticipate and plan for the challenges ahead. Thanks to the ongoing investment in expertise and technology for our lending and leasing businesses activities, we can fulfil our role of providing our clients with concrete solutions. Ultimately, our goal is to support their growth by providing them with real competitive advantages. We worked very closely with our clients for the SEPA project in order to ensure that the solution was rolled out on time and in accordance with their requirements.”