Royal Bank of Scotland (RBS) has chosen CGI Logica to deliver a ‘one-stop-shop’ conversion solution for its single euro payments area (SEPA) migration services for corporates.
CGI will roll out a SEPA fallback solution at RBS in collaboration with IT provider PowertoPay. The initiative will address RBS’ European business customers as part of the bank’s SEPA accelerator programme which is intended to give corporates a fast SEPA compliance option as the 1 February 2014 migration deadline nears.
The one-stop-shop SEPA services offering will provide RBS corporate customers with a rapid SEPA compliance solution that does not jeopardise existing operations, claims CGI.
The conversion solution, which will ensure the correct International Bank Account Numbers (IBANs), Bank Identifier Codes (BICs) and standardised procedures and messaging is used, will ensure that all payments and collections will be formulated in the harmonised formats required for SEPA, regardless of how they are submitted. This will of course cost corporates extra but does enable reporting and exchanging of SEPA payment data with banks to be fully automated and all transfers and direct debits (DD) to comply with the new requirements ahead of the 1 February 2014.
For those corporates who haven’t initiated their own SEPA compliance programme, and are unlikely to now have time to do so, this outsourced option via RBS and its technology partner is a good short-term compliance option. Many banks and vendors are now offering similar solutions as the deadline nears.
As part of the agreement, CGI’s SEPA Service will be offered to all RBS, NatWest and Ulster Bank corporate clients. CGI provides two key services for the solution: DD mandate management and technology and standardisation conversions for the migration to SEPA, including the mandatory ISO20022 messaging. Implementation and on-boarding for corporate clients is also part of the service.