Eiger Systems publishes guide to help Banks meet key SEPA deadline

3 October 2006

Eiger Systems, an Experian company and a leading developer of strategic payment solutions, today launches a free practical guide to SEPA to the Sibos community. ‘How to benefit from SEPA: A practical guide’ explains the key issues that banks and their corporate customers will need to address to ensure that their processes and systems meet the 1 January 2008 deadline for the introduction of the key SEPA payment instruments: credit transfers, direct debits and card services.

‘How to benefit from SEPA: A practical guide’ provides banks and their corporate customers with an accessible reference tool to aid SEPA planning and decision-making. “For banks and corporates the SEPA initiative will present both opportunities and threats”, advise Eiger Systems, the authors. “For example, there will be opportunities to improve end-to-end (E2E) Straight Through Processing (STP), reduce processing and transaction costs and expand markets. At the same time, system changes are likely to require considerable investment, which must be factored into the decision making process.”

‘How to benefit from SEPA: A practical guide’ begins with a step-by-step guide to evaluating the SEPA initiative. It explains the mandatory changes required by SEPA and considers the potential benefits to be gained by exceeding these requirements.

Next comes a clear and detailed explanation of how to achieve ‘true STP’ in which the authors discuss the business issues affecting the payments process and provide a strong argument for data accuracy at each stage of the payments chain. The guide concludes by providing a useful checklist of ‘next step’ actions.

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