ING and Sentenial launch Sepa service
27 October 2010 | 2650 views | 0
London-Today Sentenial, a specialist provider of SEPA payment solutions and ING announced the launch of Mandate Manager, a SEPA Direct Debit solution for corporates. Mandate Manager enables corporates to switch to the European Direct Debit (SEPA) with minimal change to their existing processes.
Mandate Manager completed pilot testing in September with a major player in the European oil market. The pilot included the migration of existing mandates from Belgian customers to the European Direct Debit (SEPA), customer notification and the creation of a SEPA mandate database. The pilot also included transaction processing using the existing file format.
Mandate Manager includes three functional modules which cover the migration of legacy mandates into SEPA format, the ongoing creation and maintenance of mandates and the collection of funds through legacy format files. Provided on a pay-per-use basis, Mandate Manager allows customers to scale their use as SEPA adoption rates grow.
ING together with Sentenial are offering Mandate Manager as part of an overall approach to SEPA. According to Taco Dirks, Head Product Management SEPA, ING, 'ING understands that the conversion to SEPA for corporates can be a challenging process. Our approach is simple: we want to ease the lives of our customers. In order to do this we needed a partner who could deliver a solution that covered the entire process- from migration to transaction processing. This is why we are working with Sentenial. They have the most comprehensive solution available. The pilot was a great success and we are now on-boarding customers to Mandate Manager'.
Sean Fitzgerald, CEO, Sentenial said, 'With the upcoming compliance deadline and the imminent announcement of an end-date for legacy direct debit schemes, the timing of the pilot completion is perfect. We are now at a point where corporates are actively looking for a solution. With the most comprehensive proven solution available Sentenial and ING are leading the way. We are really pleased to be working with ING on this important initiative and we look forward to helping corporates across Europe switch to SEPA'.
The European Direct Debit (SEPA) introduced by the European Payments Council (EPC) allows businesses across Europe to collect cross-bss-border direct debit payments using a single process. The scheme launched in November 2009. The European Payments Council is due to announce an end date for domestic direct debit schemes, expected 2013, which will require all creditors to comply with the new legal responsibility and IT processes brought on by SDD.