Deutsche Bank and Logica team on plug and play Sepa Connector
12 May 2009 | 8759 views | 0
Deutsche Bank's Global Transaction Banking (GTB) division and tech vendor Logica have teamed on an outsourced 'plug and play' Sepa Direct Debits (SDD) offering.
Powered by Logica's All Payments Solution, Deutsche Bank's new Sepa Connector offering will combine with its existing processing services to provide financial institution clients with out-of-the-box Sepa functionality.
The Sepa Connector will initially be targeted at debtor banks looking to comply with mandatory SDD reachability requirements in readiness for the November 2010 deadline, but also supports credit transfers.
Initially the Sepa Connector will enable debtor banks to view SDD transactions, manage rejects and returns, as well as upload files for further validation and processing. Deutsche Bank will also provide connectivity to EBA Clearing and its bilateral partners.
Michael Mueller, MD, wholesale solutions, GTB, Deutsche Bank, says: "Attaining Sepa reachability and complying with Sepa Direct Debits places further strain on legacy technology for many banks. Through our partnership with Logica, we can provide our financial institution clients with access to Sepa clearing services based on best of breed technology."
Nigel Turner, director, business development, payments, Logica, adds: "With regulatory pressure mounting and the business drivers becoming more apparent, the attraction of outsourced Sepa services will increase. The Sepa Connector enables banks to achieve Sepa reachability without having to make immediate major investment in infrastructure - giving them more time to plan for payments transformation."
The European Payments Council recently confirmed November 2009 for the launch date for the implementation of Sepa Direct debits, following a strong push by the ECB and the European Commission.
However, the plans took a hit earlier this month when French banks decided to delay the launch by a year, setting the stage for a confrontation with the European authorities.