SEPA, the single Euro Payment Area, is a framework designed by the European Payment Council to improve the efficiency of cross-border payments in Europe and turn the fragmented national markets for euro payments into a single one. SEPA will enable customers to make cashless euro payments to anyone located anywhere in the European Union (EU) using a single bank account and a standard set of payment instructions.
The SEPA Regulation marked the 1 February 2014 as the point at which all credit transfers and direct debits in euro would be made under the same format: SEPA Credit Transfers (SCT) and SEPA Direct Debits (SDD). The 17 countries of the Eurozone have been fully operational for the past year.
The 18 other countries of the SEPA zone with non-Euro domestic currencies, must also comply with SEPA migration deadlines by 2016.
How are you going to make your payment workflows ready for processing SEPA Credit Transfer and Direct Debit in time without turning your IT infrastructure and resources upside down?
Do you have what it takes to do SEPA Direct Debit Core/B2B automated processing?
Where do you want to be with your SEPA Direct Debit workflow in 2015?
EastNets can help you achieve Seamless migration of your payments workflows to SEPA with en.PaymentSafe. The challenge for achieving SEPA compliance lies in integrating the complexities associated with ISO20022 XML messaging standards and with SEPA schemes rulebooks. It also lies in interfacing to SEPA Automated Clearing houses (ACH), SEPA corresponding banks, Pan-European Clearing houses ( PEACH) and in translating those changes into your current applications infrastructure without incurring excessive costs or time.
EastNets delivers en.PaymentSafe, to address SEPA migration, helping Banks, Corporates, Financial Institutions and Payment Service Providers (PSP) achieve rapid and cost-effective SEPA compliance according to legal deadlines.
en.PaymentSafe is a payment messaging hub with a set of processing tools dedicated to SEPA, transforming, automating and connecting rapidly to SEPA infrastructures at low cost while protecting your existing back-office infrastructure and accounting/financial systems.
Key Benefits of en.PaymentSafe –SEPA Compliance
Validate and Transform and automate your payment files and messages into SEPA XML format in a few days and without having to dedicated IT resources.
BIC and IBAN validation/derivation services for SEPA IBAN only rule
Achieve seamless compliance with SEPA Credit Transfer and Direct Debit (SCT and SDD) for your back-office with multiple payment workflows.
Deploy both SCT and SDD along with other existing SWIFT FIN payment workflows with centralized AML filtering
in en.SafeWatch and reporting in en.Reporting
Straight Through Processing (STP) operations of your SEPA SCT/SDD messages workflow between Back-office and your SEPA Clearing and Settlement Service Provider
Reduces cost associated with SEPA exception handling process supporting the “R-messages” with automated error handling.
Achieve migration and operation, cost savings through integration with current applications and buffering of back-office applications from SEPA modifications.
For more information:
Financial Messaging Hub:
Get Ready with SEPA:
Contact us today to schedule a meeting, book a demo, test freely your payment files format against SEPA compliance or learn more about our solutions