The SEPA migration deadline is coming in less than a year and businesses need to step it up if they want to be ready on time.
“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,” says Steve Everett, Global Head of Cash Management at RBS.
With this in mind the bank has launched a new solution to helps its clients migrate to SEPA easily and quickly. The RBS SEPA Accelerator offers clients a cost-effective solution for the migration of electronic payments, collections and core master data management.
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.
“RBS helps our clients to simplify the complexity SEPA regulation brings to their operations and costs related to it,” says Vanessa Manning, Head of Payments EMEA, RBS.
