CoCoNet has a clearly defined roadmap for preparing its innovative e-banking solutions for Sepa in a stepwise approach. CoCoNet's products are already able to process Sepa Credit Transfers.
The next steps will integrate SEPA Direct Debit functionality in three stages.
The MULTIVERSA IFP International Finance Portal has been handling SEPA Credit Transfers in different country and bank flavours since the SEPA standard was introduced in January 2008, just like the MULTIVERSA PBS offline client, the banking server MULTIVERSA IBS and the well established and highly successful MULTICOM Banking Server and MULTIWEB Banking.
At end of March 2009 the decision-making body of the European banking industry, the European Payments Council (EPC) confirmed the 2nd November 2009 as the launch date for SEPA Direct Debit at banks which are available as a core and B2B type. Companies use the "core" type to debit consumers, whereas the "B2B" type enables Business-to-Business direct debits between companies. The differences primarily derive from the deadlines for returning payments: The debtor of a core direct debit can return it within eight weeks and in exceptional cases up to 13 months after debiting whereas B2B direct debits are not refundable by the debtor and even require a mandatory verification of the mandate by the debtor bank. CoCoNet will provide enhancements for both types of SEPA Direct Debits.
Right in the first step CoCoNet's systems will support the features of the new SEPA Direct Debit. Next to the displaying of IBAN and BIC and the payment reference (end-to-end reference) these include a due date, a creditor ID issued by the central bank, and the so-called mandate related information (MRI) that amongst others consists of a valid mandate reference and the mandate issuing date. In this context CoCoNet's e-banking solutions process the extended account statement information according to the SWIFT specifications of the MT940- and MT942 formats and the respective specifications of the German ZKA. The regulatory aspect of displaying additional information originates from the mandatory so called "reachability" for SEPA payments.
In a second step CoCoNet will enable users of its client system MULTIVERSA IFP and MULTIVERSA PBS to initiate SEPA Direct Debits via the graphical user interface both via manual payment entry and via the upload of payments.
In the third stage CoCoNet's customer products will offer a new ergonomic mandate reference handling for the management of mandate information. CoCoNet will consider if and how companies can migrate their existing mandates to SEPA mandates. In Germany the ZKA currently discusses options for migration solutions.
The general intention of the SEPA payments is to allow corporates unified cross boarder collections and credit transfers. CoCoNets SEPA-ready e-banking products directly help banks and corporates centralising and streamlining their business processes in order to actively leverage the upcoming potentials and to profit from the regulatory changes.