Logica, which is now owned by the CGI Group, has formed a single euro payments area (SEPA) alliance with Citi’s global transaction services division. The deal means that CGI’s Logica mandate management (LMM) service will be available to Citi’s institutional client base in Europe.
LMM complements Citi’s existing SEPA Direct Debit (SDD) offering, say the partners, and will allow clients to be ready in time for when the multitude of domestic euro direct debit schemes across the eurozone are replaced by a harmonised environment on 1 February 2014. For non-euro countries the SEPA compliance deadline is 2016.
CGI’s LMM is designed to help retailers, corporations and other businesses’ easily migrate to SDDs. It converts legacy mandates into SEPA direct debit compliant mandates and manages their full lifecycle, including collections, in line with the SEPA rule books. Archiving, scanning and printing services are integrated to ease the complexity of SEPA migration for clients. The platform is also quick and easy to connect to, meaning corporates can focus on securing strategic advantage from SEPA.
“The adoption of SEPA requirements can be a challenging process both from an operational and cost perspective” said Karin Flinspach, Europe, Middle East and Africa (EMEA) head of payments and receivables, treasury and trades, at Citi Transaction Services. “We want to help our clients navigate this complexity by offering a proven service and a seamless transition with minimal change to their existing processes and systems.
“We are confident that the CGI Logica mandate management service will help meet the demands of our clients as it provides end-to-end SEPA migration services, rapid on-boarding times and proven delivery capabilities.”