Source: Computer Sciences Corporation
To coincide with Monday's (28 January 2008) important milestone in the Single European Payments Area (SEPA) migration process by the European Central Bank (ECB), Computer Sciences Corporation (CSC) has confirmed that it has proven capability to provide SEPA compliant European credit transfers and direct debits, via its Payments Transaction System (PTS) SEPA solution, which has already been implemented within 7 banks, details of which are due to be announced shortly.
Monday represents the deadline for the first SEPA payment instrument for credit transfers, which means that CSC's additional capability to process direct debits is ahead of the official deadline of early 2009 by over one year.
CSC has worked intensively since last autumn to test its solutions with 7 banks, to ensure that it is robust and capable of bringing the payment processing efficiencies that SEPA aims to offer. The banks which have implemented and tested CSC's solutions include three tier one banks - one a global bank, the other two, large European banks. The remainder are mid-tier banks.
Michael Arben, CSC's executive tasked with leading CSC's initiatives inside SEPA comments, "Our capabilities in credit transfers and direct debits have been put to the test 'in situ' with several of our banking clients and it has proven that our solution will allow banks to validate, analyse, price, clear and settle end to end payment transactions smoothly and swiftly."
He continues, "The quality of the bank client teams we have worked with have been excellent and PTS/SEPA has stood up to their scrutiny and due care during the implementation and testing. We are therefore encouraged that our investment in PTS SEPA is advancing well in helping to address the emerging SEPA opportunities."