Single European Payments Area (SEPA)

Efficient Transformation of Payments Operations Impacted by SEPA

The Single European Payments Area (SEPA), an initiative of the European Payments Council (EPC), is a geographic area where citizens, companies and other economic actors are able, from January 2008, to make and receive payments in Euro, regardless of their location in Europe. SEPA helps all financial institutions reduce their operating costs through standardization, centralization of reconciliation operations and the resulting reduction in labour-intensive fails, repairs, queries and exception handling. The SEPA schemes and standards initially impact all euro payments within the European Union 25 member states plus Iceland, Norway, Lichtenstein and Switzerland.

To meet current and future needs your SEPA solution should allow your institution to submit mixed batches of domestic and cross-border, high- and low-priority and home and foreign-currency payments in the appropriate format conversion required by service providers. A successful SEPA solution should also help minimize transition costs while complying with SEPA standards and utilizing ISO 20022 format, SWIFTNet FIN and SWIFTNet Funds as appropriate. And your SEPA solution should be built to evolve, positioning you to keep pace with future changes in industry practice and standards.

Singularity has partnered with IBM to provide a ready-made SEPA transformation capability that enables institutions to conform to SEPA schemes and standards while minimizing disruption to existing systems. Singularity’s special expertise in implementation and support of IBM’s WebSphere Transformation Extender (WTX) uniquely qualifies us to help clients meet their SEPA objectives by implementing IBM WebSphere Transformation Pack for SEPA (WTX-SEPA). WTX-SEPA is a solution accelerator designed to help financial services organizations achieve compliance with SEPA.

Benefits:

• Comply with SEPA while retaining profitability of payment services
• Minimize transition costs associated with SEPA compliance
• Customize SEPA templates quickly and easily
• Improve compliance risk and delivery schedules
• Transform and validate data to the SEPA standard without the need for programming
• Reduce the cost of invasive modification of existing systems
• Ease ongoing maintenance with regular pack updates from IBM that track industry standards as they evolve, maximizing your return on investment


For more information download the SEPA solution brochure below