Sentenial launches Sepa Ready2Receive direct debits package

Source: Sentenial

Sentenial Ltd, a leading European provider of payments solutions, has launched a new package, SEPA Ready2Receive (R2R). SEPA R2R is a new initiative from Sentenial, in response to the changing financial and economic landscape. The solution is designed to help Banks across Europe to meet SEPA Direct Debit compliance requirements with minimal cost and minimal disruption, in time for the Nov 2009 deadline.

The Single Euro Payments Area (SEPA) requires all European Banks to be ready to receive and process Euro direct debits from November 2009 in full compliance with the SEPA direct debit rulebook. SEPA R2R from Sentenial is a streamlined package, designed to address only the core SEPA compliance obligations for Debtor banks. By tackling direct debits in isolation of other payment instruments and focusing solely on the mandatory receiving obligations, SEPA R2R keeps interfacing effort, associated timelines and project cost, to a minimum. Therefore SEPA R2R represents the ideal solution for banks focused on compliance only in time for the November '09 deadline.

Sean Fitzgerald, CEO Sentenial, commented, "We are keenly aware of the pressures which currently face Financial Institutions across Europe. Projects are being downsized and budgets are being squeezed. Sentenial's belief in and commitment to serving the SEPA market has led us to introduce this new product initiative. This new package will enable Banks take a more modular approach to addressing SEPA direct debit requirements, enabling them to stay in the payments game by remaining competitive and ultimately protecting market share."

Being promoted as the most cost effective route to achieving SEPA DD compliance, Sentenial's SEPA R2R package offers reduced time to market with minimal interfacing and minimal disruption. As the solution keeps strictly to core compliance rules and places only elementary integration demands on existing bank systems, banks will benefit from rapid, low resource implementation, reducing pressures on IT resources and budgets. To further accelerate implementations, Sentenial offers a managed delivery service through key partner organisations, including CapGemini, who are fully trained in and already working on a number of Sentenial product implementation projects. These teams bring local expertise, advanced product knowledge and proven implementation strategies, ensuring an on time,e, low risk delivery.

The solution offers reassurance against future SEPA Rulebook changes, with guaranteed ongoing compliance with evolving SEPA standards. Furthermore, for Banks who may look to enhance their SEPA offering post Nov 09, the SEPA R2R package provides flexibility to achieve this through a range of add-on modules, providing optional value added functionality and customer service. These available add-on modules combined provides a suite of Sentenial products that is widely acknowledged as offering the most comprehensive functional solution available in the marketplace for SEPA Direct Debits.

SEPA R2R from Sentenial is currently being promoted across Europe and is expected to attract considerable attention from Financial Institutions looking for innovation and workable options on now long standing compliance projects.

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