Logica, now part of CGI Group Inc. (TSX: GIB.A) (NYSE: GIB), a leading provider of information technology and business process services, and Citi (NYSE: C), through its Transaction Services division, have formed a strategic alliance to provide CGI's Logica Mandate Management service (LMM) to Citi's institutional client base in Europe.
LMM complements Citi's SEPA Direct Debit offering, allowing clients to be ready in time for when the various domestic Euro direct debit schemes across the Eurozone are replaced by the SEPA Direct Debit schemes on 1 February 2014.
CGI's LMM is a comprehensive platform designed to help corporate easily migrate to SEPA direct debits. It converts legacy mandates into SEPA Direct Debit compliant mandates and manages their full-lifecycle, including collections, in line with the SEPA rule books. With a fully integrated archiving, scanning & printing service, LMM eases the complexity of SEPA migration for clients. It is also quick and easy to connect to, meaning corporates can focus on securing strategic advantage from SEPA.
CGI Logica technology is used to process 15% of SEPA Direct Debit transactions in Europe, surpassing any other provider in the market, whilst Citi was the first bank to send a direct debit transaction via SEPA Direct Debit schemes in 2009. The service leverages CGI Logica's SEPA offering and large footprint in the European market, matching Citi's SEPA presence in 23 countries and wide range of SEPA capabilities, including SEPA Direct Debit instruments within the CitiDirect® Online Banking platform as well as host to host solutions.
As a result of this alliance, Citi will be able to provide a comprehensive, trusted and scalable solution to its clients.
Citi Transaction Services offers integrated cash management, trade, and securities and fund services to over 65,000 clients from multinational corporations, financial institutions and public sector organizations around the world. "The adoption of SEPA requirements can be a challenging process both from an operational and cost perspective" said Karin Flinspach, EMEA Head of Payments and Receivables, Treasury and Trade Solutions, 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."
"As the SEPA end-date draws nearer, corporates are looking to their banks for solutions to comply with, and take advantage of, the regulation," said Garry Young, Director of Corporate Services, CGI. "As a result of this collaboration with Citi, we can build on our longstanding track record for delivering and maintaining SEPA compliance solutions in the region."