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SEPA payments management

Create, convert, manage, and validate payment messages for compliance with SEPA credit, Direct Debit, and B2B payment schemes.

Anchor: Overview

The Challenge

The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in Euros. Compliance with SEPA requires adherence with scheme rules whether processing debits (SCT) or credits (SDD). This means ensuring that data is structured correctly in the ISO22022 file format, and that the correct beneficiary account details are used and in the correct IBAN format. Collecting Direct Debits and managing the associated mandates according to core or B2B rules also need careful control.

Our Solution

For organisations that need to use SEPA for their credit transfers, Bottomline offers a suite of solutions to enable compliance for the data required by their bank. This includes IBAN validation and conversion, file formatting, workflow, and, through our financial messaging expertise, transfer of data to their bank. For SEPA Direct Debit, our solutions assist in end-to-end Direct Debit mandate management for core and B2B, mandate dematerialisation, and distribution.

Anchor: Benefits

Benefits

  • Compliance with SEPA scheme rules and regulation
  • Conversion of legacy domestic formats to ISO200022 PAIN message types removing the need for expensive ERP, TMS data format reworking
  • Accurate data format and content reduces rejected payments on receipt at payer or beneficiary bank
  • Accurate BIC/IBAN conversion and use mitigating bank repair fees
  • End-to-end management of SEPA Direct Debit mandates and collections, enabling compliant and efficient Direct Debit collection and reducing the volume of rejected collections thereby improving cash collection processes
  • Outsourced document distribution and mandate dematerialisation services for regular transactions and one-off bulk services to help reduce costs and remove inefficient in-house processes
  • Connection to your banks using our Financial Messaging services such as our SWIFT Bureau to standardise and consolidate your bank connections for SEPA.
Anchor: Functionality

Functionality

  • Sophisticated secure file conversion, formatting, and enrichment through deployed or hosted solutions
  • Controlled auditable workflow for multiple levels of approval
  • In-house or on-line data validation tools to validate BIC and IBAN and to convert legacy account details to valid SEPA content, either through a standalone interface or integrated with your systems using an API
  • SWIFT Bureau, SWIFT Gateways, and allied managed services for connection to your banks via SWIFT.