Achieving SEPA Compliance
SEPA is designed to improve the efficiency of cross-border payments and turn the fragmented national markets for euro payments into a single one. When fully operative on the 1st February 2014, SEPA will enable customers to make cashless euro payments to anyone located anywhere in the EU using a single bank account and a standard set of payment instructions.
In practice for many organisations this means having to accommodate:
- New International Bank Account Numbers (IBAN)
- New international mandates for direct debits
- New schemes for direct debit processing
- Replacing existing local formats with UNIFI XML for all payment instructions
Easy Migration and Validation
Liaison has a range of solutions designed to help organisations migrate easily to these new formats and streamline their data integration processes. For financial institutions, Liaison’s SEPA Validation solution lets their customers and trading partners test their own payment instructions quickly and accurately before submitting them to the live system. For one large bank this avoided over 5,000 hours of support time in the first seven months of deployment by automatically processing over 10,000 validation requests. If these had been handled manually it would have taken the bank’s support team around 30 minutes to resolve each issue. Not only has the bank saved time and money but customers have also benefited by being able to submit error-free payments in less time.