As a new application component of its Global PAYplus payments solution, it will help banks to meet the upcoming processing demands of the Single European Payments Area (SEPA) and Target 2, while enhancing their abilities to maximize related revenue opportunities with their corporate customers.

SEPA, an EU initiative, will standardize the fragmented payments market in Europe, removing differentiation between domestic and cross-border payment processing. This will affect all aspects of electronic payments, including credit transfers, direct debits, and card payments. SEPA and the related Target 2 initiative pose major challenges for financial institutions operating in the eurozone including: time constraints for readiness, the introduction of new messaging standards, industry infrastructures, and, pricing and processing constraints.

Mike Sgroe, Fundtech President and COO said: "Increasing revenues is as equally as important as reducing costs under the new SEPA paradigm. Pan-European PAYplus allows banks to deliver differentiated payment services targeted to the unique needs of their clients across market segments." He continues: "We see SEPA as a catalyst for dramatic transformation in the market and are committed to providing our clients with the most advanced solutions to meet and exceed their business objectives."

Pan-European PAYplus is the latest component added to Fundtech's Global PAYplus payments solution, which is in live operation with major banks worldwide. Global PAYplus also incorporates application components for high value and mass payment processing, liquidity management, and a customer payments hub. Pan-European PAYplus takes full advantage of the proven Global PAYplus multi-entity rules-engine which increases STP and provides flexible charging schemes to address the complexities that SEPA imposes. Key Pan-European PAYplus features include processing for: SEPA Direct Debit and Direct Credit payments and Directory Services, Target 2 payments via SWIFT, STEP 2 ACH batched payments, and Target 2 related liquidity management.

Pan-European PAYplus incorporates new technology embedded in the SEPA technical infrastructure (e.g. ISO 20022, SWIFT Cash Reporting). The product can be deployed on a stand-alone basis for banks to integrate within their existing payments infrastructure, or as an integrated component of Global PAYplus.