The large Dutch retail bank, Rabobank, has partnered with Logica to launch a new Software-as-a -Service (SaaS) platform aimed at helping corporates meet the introduction of the single euro payments area (SEPA) on 1 February 2014.
According to the technology provider, Logica, the SaaS platform will help in meeting SEPA requirements by:
• Converting payment instructions and bank account numbers to the European International Bank Account Number/Bank Identifier Code (IBAN/BIC) standard.
• Provide mandate management services to support the implementation of the new European direct debit process.
• Create a SEPA payment hub to support all incoming and outgoing SEPA transactions.
Logica adds that it is supporting Rabobank’s corporate customers with a timely migration to SEPA without impacting the continuity of their businesses. The recommended transition is not only important for large organisations, but for medium-sized and small institutions as well. Large Dutch corporates will begin the move to SEPA in October 2012, as determined in the National Forum SEPA (NFS), well ahead of the 1 February compliance deadline for eurozone members. October 2016 is the compliance deadline for non-euro members.
“Corporates are facing huge changes and many are probably unaware of the impact SEPA will have on their organisation,” said Marco Bosma, director of financial logistics at Rabobank Netherlands. “It is our responsibility to support our customers both large and small, which is why we wanted a best-in-class solution to meet our needs.”
By Neil Ainger