17 October 2017

JP Morgan Sepa direct debit service ready for industry launch

19 October 2009  |  1537 views  |  0 Source: JP Morgan

JP Morgan's Treasury Services business today announced that it is helping its clients to enhance European receivables management by introducing Sepa Direct Debit (SDD) services on November 2nd, 2009, the inaugural day of the latest Sepa scheme.

Financial institution and corporate clients of J.P. Morgan will be able to participate in both the core business-to-consumer and business-to-business schemes.

SEPA Direct Debit is the world's first pan-regional cross-border direct debit instrument and provides clients with a simple and cost-efficient way to collect high volume payments in Europe. The SDD offers many benefits to corporates including:

  • greater control over collections as authorised SDD transactions are irrevocable
  • guaranteed transmission of 140 characters of remittance information to help simplify and automate reconciliation processes
  • the opportunity to rationalise the number of accounts in Europe which in turn will assist with management of liquidity.

J.P. Morgan clients making or receiving payments can domicile accounts in any of J.P. Morgan's European branches, and transaction activity can be monitored via the firm's online tool, J.P. Morgan ACCESSSM. J.P. Morgan's capabilities are ready a year before the deadline proposed by EU regulation on Cross Border Payments No. 924/2009, which requires Eurozone banks to offer payments via SDD to their clients by November 1st, 2010.

"J.P. Morgan has supported SEPA as an initiative to standardise payables and receivables in Europe, and the SEPA Direct Debit is the next logical step in its evolution. As all Eurozone banks will be reachable by SDD by late 2010, corporates can now start preparing to reap the benefits of this new payment instrument which will help centralise and standardise high volumes of collections," said Alex Caviezel, head of J.P. Morgan Treasury Services in Europe, Middle East and Africa. "SDD adoption will result in process efficiencies which should boost competitiveness in today's challenging markets. J.P. Morgan has seen a great deal of interest in this service from clients in recent months, and we expect that to continue as SEPA continues to build momentum."tum."

Comments: (0)

Comment on this story (membership required)

Related company news


Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.temenos.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14469 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13078 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8971 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7918 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7613 views comments | 13 tweets | 13 linkedin

Featured job

London, UK (or flexible)

Find your next job