Source: Engineering group
Engineering group and RA Computer, a company in the SIA-SSB Group, have signed a strategic collaboration agreement designed to create and market new technology solutions to manage payment systems in view of the launch of SEPA, the Single Euro Payments Area, scheduled for 1 January 2008.
More specifically, the agreement provides for the joint development of applications relating to multi-currency credit transfers and direct debits in euros which will be integrated with SAPA (Single Architecture Payments Area), the RA Computer solution capable of managing the entire payments flow.
The objective of the partnership between Engineering group and RA Computer is to offer the Italian banking market a single technology architecture to regain operative efficiency and increase competitiveness, permitting a rationalization and reorganization of the bank back-office and progressive adaptation to the European regulations on payments.
Thanks to their respective capabilities in the areas of technology and process management, Engineering group and RA Computer offer their services as partners of reference to accompany the financial market along the entire evolutionary pathway towards SEPA.
With this agreement, which may subsequently be extended also to the foreign bank market, Engineering group and RA Computer undertake a common route towards SEPA which will offer banks a great opportunity to redesign their respective payment systems and to promote internal STP (Straight Through Processing), by sharing an integrated technology infrastructure.
Banca Carige Group will be the first Italian bank to use the SAPA solution for the various components of the new architecture: payments, direct debits and the infrastructure for connection to the inter-bank network.
From a recent study of the sector it emerged that, in order to comply with the new directive, the top 100 European banks will make technology investments of over 3 billion euros over the next 5 years to adapt to SEPA.