CSC (NYSE: CSC) announced today it has formed an alliance with direct debit solution provider Sentenial to offer a Single Euro Payments Area (SEPA) direct debit software-based payment solution.
The offering will enable European banks to provide corporate and public sector customers with a comprehensive SEPA direct debit service ahead of the November 2009 target date set by the European Payments Council. SEPA is an initiative of the European banking industry that aims to make cross-border electronic payments as fast, secure and efficient as domestic payments within one country.
The SEPA offering combines CSC's Payment Transaction System and Sentenial's EuroDebit direct debit processing application, and will enable banks' corporate customers to fulfill the requirement to hold electronic mandates and include mandate information with direct debit claims. It will also streamline processing disputes and refunds.
The new end-to-end solution supports the entire direct debit process - from mandate creation to payment collection and exception processing. Banks migrating from legacy payment systems will be able to help customers capitalise on the extended reach and lower cost of the solution. The offering will enable a higher level of straight through processing for large volumes of direct debit payments, improving service levels and reducing risks associated with the transition to a new process. Banks adopting the new payment methods also will enhance their ability to retain customers and attract new ones.
CSC's proven expertise in digitizing paper documents will be particularly useful to organisations receiving large volumes of paper mandates from their customers, such as utilities, telecommunications and public authorities.
The offering will benefit financial services organisations and corporate customers because it does not require extensive changes to internal enterprise resource planning or billing systems and processes. Organisations will also be able to incorporate faster and more efficient payment processes, whether paper-based or electronic, ahead of the November 2009 target date.
The solution can be implemented ind in six months, and CSC and Sentenial are introducing it to the market via a joint sales and marketing campaign.
Michael Arben, Director of Strategic Initiatives for CSC's Financial Services Sector in EMEA says, "The combination of CSC and Sentenial's capabilities in this space provides organisations, currently facing enormous financial pressures, with an option to achieve SEPA direct debit compliance whilst maximizing commercial benefits and minimising operational disruption."
Sean Fitzgerald, CEO of Sentenial says, "Combining Sentenial's proven EuroDebit solution with the strength of CSC's Payment Transaction System and ability to deliver, is a real step forward for both organisations in meeting the needs of the European banks looking to embrace SEPA and benefit from this new legislation as we enter 2009."