Fundtech talks up Sepa offering
Fundtech, a provider of payments, cash management and settlement software and services, today announced that 25 banks are contracted to use Fundtech Sepa solutions to meet the requirements and deadlines for Sepa Credit Transfers and Direct Debits.
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Along with support for the Sepa Credit Transfer (SCT) and Sepa Direct Debit (SDD) standards, Fundtech's offering includes enhanced liquidity management capabilities. This enables the intraday management of consolidated euro position, payment prioritization and liquidity transfers between Central Bank accounts. In addition Fundtech provides full end-to-end high and low-value euro STP processing and support for the European Banking Association's (EBA's) Step1 and Step2.
Banks benefit through their ability to offer enhanced services to their clients, lowered operating costs through increased STP rates, and compliance with regulatory requirements.
"Sepa will deliver important business and cost-savings benefits to the industry, to our clients, and to their corporate customers," said Reuven BenMenachem, Fundtech CEO. "These banks have chosen Fundtech Sepa solutions because we are a product innovator with significant depth of experience in the European market, as well as with evolving market infrastructures such as UK Faster Payments and CLS."