RBS chooses CGI for Sepa one-stop-shop

RBS chooses CGI for Sepa one-stop-shop

The Royal Bank of Scotland (RBS) has selected CGI Group for the provision of a 'one-stop-shop' for its Sepa migration.

With the migration deadline just six months away, CGI will work with vendor PowertoPay to roll out a Sepa fall-back offering for RBS European business customers.

CGI says that its one-stop-shop will provide RBS corporate customers with a rapid compliance option, ensuring that payments and collections will be converted into the format required for Sepa. Reporting and exchanging Sepa data with banks will be fully automated and all transfers will comply with the new requirements before the February deadline, assures the vendor.

As part of the transaction, CGI's Sepa Service will also be offered to all RBS and Ulster Bank clients, covering mandate management and conversions for the migration, as well as implementation and 'onboarding'.

Steve Everett, global head, cash management, RBS, says: "With the assistance of CGI, we can guarantee our clients an innovative, cost-effective solution for the migration of electronic payments, collections and core master data management.

"While converting and enriching legacy formats into Sepa formats, the solution enables corporates to bridge the time-gap between now and the migration end date of 1st of February 2014, to ensure that their internal standardization projects are appropriately funded, without time and expertise pressure."

In December, a survey from Edgar Dunn & Company found that UK businesses were unprepared for the Sepa migration, with just three per cent of those polled having made preparations for the introduction of a Single Euro Payments Area for direct debits and a paltry 26% even aware of the mandate.

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