Logica, the business and technology service company, announced that Simplex, the global transaction services provider, has selected Logica's Mandate Management (LMM) solution.
With LMM, the Simplex Global Transaction Platform will now provide a comprehensive SEPA Direct Debit (SDD) mandate management service to its bank clients internationally. This will be available as a fully hosted solution.
SDD introduced by the European Payments Council (EPC), will replace every single national direct debit scheme in the eurozone. This means that responsibility for the set-up and management of direct debit mandates now falls to the corporates. Simplex decided that it needed to provide a high performing mandate management solution to help banks smooth the migration path of their corporate creditors to SDD. The new hosted global service will enable banks to help their corporate clients secure business benefits from SEPA.
Phil Walsh, chief executive officer of Simplex, commented: "We wanted to make sure we had a tried and proven mandate management solution in place. High scalability is essential to our business and we were impressed with Logica's solution, team and payments heritage, which makes it easy to meet all of our client requirements quickly."
After an extensive selection process, Simplex chose Logica as its global solution partner. This was due to the ability to deploy the solution on the Simplex Global Transaction Platform rapidly and with minimal risk to deliver. The new solution is massively scalable and is based on award winning technology, the Logica All Payments Solution (LAPS), with proven success and strong customer references. LMM will form part of the comprehensive and integrated financial messaging solution on the Simplex Global Transaction Platform.
Garry Young, director of corporate services for Logica's Global Products Business, said: "SDD is bringing about major changes. It will effectively allow corporates to rationalise infrastructure, optimise cash management and potentially reduce banking relationships, which will increase competition for banks. With LMM, Simplex will help its bank clients become more competitive by enabling them to deliver cost effective mandate management services for SDD payments to their corporate clients."
Logica Mandate Management is the first single platform for both creditor and debtor mandates - saving costs and reducing time to market for banks. The solution, which is delivered through a cost-effective 'pay-as-you-grow' license model, automates the lifecycle of all SDDs and can be deployed in less than three months.