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Clear2Pay launches ‘SEPA in a box’ Direct Debit solution

Rational response to mandatory SEPA Direct Debit requirements

Brussels/Vienna, 30 June 2009 – Clear2Pay, the international technology provider of next generation payment solutions for financial institutions announces today at the annual EBA conference in Vienna that it launches a SEPA Direct Debit solution aimed at banks needing a response to SEPA Direct Debit that ensures compliance today – within their own domain or through an outsourced scenario with another clearing bank.

SEPA migration has proven to be more complex than the industry envisaged; where the SEPA Credit Transfer migrations have been quite uneventful, the SEPA Direct Debit Scheme is far more complex and prohibits the reuse or upgrade of legacy systems due to the complexity and fundamental differences between SDD and current national schemes. With the implementation deadline looming, there is demand for a cost effective and easy to implement solution for the back office processing of SDD. In particular tier 2 and tier 3 banks who receive direct debits for their customers, but who do not have relationships with large corporates, the primary interest is on the collection/debtor side. With ‘SEPA in a box’, Clear2Pay can offer these banks, or the large banks that in-source their payments processing, a standardised debtor side SEPA Direct Debit solution with standard interfaces, and the potential to enhance the offering with differentiating services going forward.

Mark Hartley, CMO and VP Strategy & Business Development at Clear2Pay states: “The results of a survey we recently executed in conjunction with Banking Technology shows that there is a clear demand for outsourcing payments services. This ‘SEPA in a box’ solution offers a scenario like correspondent banking. It is the partial outsourcing of the SDD payments process. Smaller banks are still required to offer SDD to their debtor clients but are not able or willing to make a large investment upfront. The larger banks who wish to invest in SDD to build longstanding relationships on the other hand, can benefit too from this solution by in-sourcing payments from smaller banks. With this solution they can offer the mandatory minimum plus a wider range of additional services at a realistic price level, without having to go for maximum volume on day one.”

 

About Clear2Pay

Clear2Pay is an innovative financial technology company focused on delivering globally applicable solutions for secure, timely electronic payments. Headquartered in Brussels, Belgium, the company facilitates banks and financial organisations in their provision of payments services. Clear2Pay's technology helps to reduce transactions processing costs, and to deliver new, compelling payment services in a competitive way. Clear2Pay's payment solutions offer organisations easy, branded ways for their customers to pay online: from complex trade-supporting business-to-business environments, through e-commerce applications, to retail payments and remittance services. Functions embrace payments origination, reporting, linkage with backoffice processing systems, clearing, netting and settlement. Clients include global and major regional financial institutions such as ING, Banco Santander, Crédit Agricole, VISA, MasterCard, ABN AMRO, Nordea, Abbey National, Fortis Bank, ANZ and Commonwealth Bank. Clear2Pay operates out of Belgium, France, the Netherlands, Poland, Spain, United Kingdom, United States, Australia, China, Malaysia and Singapore and currently employs over 450 staff.

More information is available on www.clear2pay.com

 

About 'SEPA in a Box' - SDD solutions

Clear2Pay’s ‘SEPA in a box’ solution for SDD is composed of three different modules that can be combined to suit your needs and position in the market. The mandatory Debtor Side can be optionally augmented by Creditor Side functionality and also SDD Value Added Services. The solution is based on the well-known SOA-based Open Payment Platform.

Debtor Side - The SDD Debtor Side module processes and executes SEPA Direct Debits received from a bilateral clearing partner or a PEACH (directly or via a clearing bank) in which the Debtor is a customer of the bank.

Creditor Side - The SDD Creditor Side module processes and executes SEPA Direct Debits initiated by customers of the bank.

Value Added Services - One of the key elements of a successful SEPA strategy is the provision of customer services that transcend basic rulebook compliance. Therefore, in addition to the standard SDD functionality, Clear2Pay enables market differentiation and increased revenue through value added services: Support for B2B SDD scheme, Mandate management Pre-advice, Automated re-presentation of unpaid direct debits, Support for optional Debtor bank refund compensation Blacklist and white list support, R-transaction conflict management and BIC / IBAN cross-checking.

EPC Rulebook and EBA Compliant - The 'SEPA in a box' solution complies with EPC Core (B2C) Rulebook 3.3, EPC Implementation Guidelines 3.3, EPC B2B Rulebook 1.1 and Implementation Guidelines 1.1 and EBA STEP2 SDD Interface Specifications.

More information is available on the SEPA Direct Debits page
Or download the SEPA in a box flyer in English or Spanish

 

For more information:

Clear2Pay NV/SA
Conny Dorrestijn - VP Marketing and Communications
E:
T: +31 651 067201

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