RBS launches 'Sepa Accelerator'

Source: RBS

The Royal Bank of Scotland (RBS) plc today announced the launch of the RBS SEPA Accelerator; a new solution to help clients quickly and cost-effectively migrate to mandatory SEPA standards.

The RBS SEPA Accelerator lessens the burden of time-pressured business process and technical compliance to the SEPA standard.

Steve Everett, Global Head of Cash Management, RBS commented: "Although all large corporates are well informed of the compulsory February 1st, 2014 deadline for SEPA, it is clear from Eurofinance survey that more than 52% of regionally-organised enterprises have yet to finalise and implement their migration project. This is further evidenced by the 30% and 5% market penetration for SEPA credit transfers and SEPA direct debits instruments respectively across the entire Eurozone as at end of 2012, according to the European Central Bank."

RBS SEPA Accelerator offers clients a cost-effective solution for the migration of electronic payments, collections and core master data management. While converting and enriching legacy formats into SEPA formats, the solution enables corporates to bridge the time-gap between now and the migration end date of 1st of February 2014, to ensure that their internal standardization projects are appropriately funded, without time and expertise pressure.

For a corporate implementing SEPA XML file format to their systems, RBS' SEPA Accelerator has a unique feature which allows a corporate to independently initiate, monitor and amend file testing, validation and end-to-end simulation. This feature ensures that a corporate can quickly self-test their SEPA readiness, saving rejection costs and negotiation with their bank and ERP provider.

Vanessa Manning, Head of Payments EMEA, RBS commented: "RBS helps our clients to simplify the complexity SEPA regulation brings to their operations and costs related to it. We are confident that RBS SEPA Accelerator responds to client demand to comply with, and take advantage of, the regulation as it provides end-to-end SEPA migration services, rapid implementation times and reduced project lead time and spend."

RBS SEPA Accelerator is complementary to the wide range of payment and collection factory solutions, which RBS offers to its client across a variety of proprietary and Swift-based connectivity models. RBS SEPA Accelerator offers corporate clients a single interface to seamlessly manage their euro flows and processes related to migration and data management of SEPA instruments.

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