RBS offers to automate SEPA migration for corporates
The Royal Bank of Scotland has announced a new product intended to help clients migrate to mandatory SEPA standards.
Called the RBS SEPA Accelerator, the product has a feature that allows a corporate implementing the SEPA XML file format to independently initiate, monitor and amend file testing, validation and end-to-end simulation. This ensures that a corporate can self-test its SEPA readiness.
Steve Everett, global head of cash management at RBS, said: “Although all large corporates are well informed of the compulsory February 1st, 2014 deadline for SEPA, it is clear from [a] 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.”
Vanessa Manning, head of payments, EMEA, at RBS said: “We are confident that RBS SEPA Accelerator responds to client demand to comply with, and take advantage of, the regulation as it provides end-to-end SEPA migration services, rapid implementation times and reduced project lead time and spend.”
