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Direct Debit signs up banks to Sepa-compliant payments platform

31 July 2009  |  2642 views  |  0 Source: Direct Debit Limited

In another industry first, leading provider of advanced global payments solutions, Direct Debit Limited has launched PayCentre, a multi-payment solution suitable for both national and international payments that meets all the requirements of the Sepa Direct Debit scheme, due to come into force in November 2009.

PayCentre is a multi-level payment platform with intelligent processing capabilities for organisations looking to undertake international, SEPA and domestic Direct Debit and Credit, Faster Payments and Credit Card transactions. "This revolutionary development is highly scalable and can run both as a stand-alone application or integrate easily within your existing software infrastructure," confirms managing director, Gerry Hill.

Improved cash flow control

Critically, PayCentre enables corporates and banks to improve cash flow by providing the all-round visibility of financial data essential for full control of collections and payment transactions. Operational efficiencies are enhanced by ensuring fewer errors with straight-through processing, reducing paperwork and manual input allowing for payments to be collected earlier with lower processing costs.

"In addition," says Hill, "the new automated solution improves service and retention levels by providing a more positive, interactive customer experience - with faster transactions and greatly reduced incidence of errors."

SEPA compliance

Single Euro Payments Area (SEPA) initiatives are designed to improve the efficiency of cross-border payments by creating a single zone with a simplified common system for making and receiving payments. In response, PayCentre provides a fully compliant solution, incorporating cross-border modulus checking - including sort codes, account numbers and international IBAN and BIC codes - and secure dual authorisation.

"Customers also benefit from PayCentre's ability to reconcile exceptions in Bacs and 'R' message reports, for example, and the automated production of correspondence in letter and email formats," says Hill.

"This end-to-end processing capability is underpinned by full audit trail visibility: our open systems 'right first time' approach also saves time by removing the need for double key data entry, reducing exceptions requiring manual intervention. By putting this functionality together in one solution the benefit is both simple and compelling: improved cash control."

At the same time, in the UK, PayCentre has been approved by VocaLink as an official payments solution for Bacstel-IP and Faster Payments. "Direct Debit Limited's expertise and modular technology approach also ensured that PayCentre passed all the necessary software testing in days, rather than weeks or months," says Hill.

Building on success

Two European banks, one in Spain and the other in Ireland, are the latest to take advantage of PayCentre'sTM broad functionality in providing an improved service to their customer base.

"With over 20 years' experience in the payments industry, Direct Debit Limited has an unrivalled history of providing scalable and flexible payments solutions which meet customers' current needs and future growth," believes Hill.

"PayCentre builds on this outstanding record by providing the world's first robust, fully-compliant, all-in-one national and international payments platform, enabling businesses to make secure, intelligent payments and ensure complete cash flow control."

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