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Citi, CGI team up to cater end-to-end SEPA direct debit solution

Logica, now part of CGI Group and Citi, through its Transaction Services division, have embarked a partnership to provide CGI's Logica Mandate Management service (LMM) to Citi's institutional clients in Europe.

LMM harmonizes Citi’s SEPA Direct Debit offering, leveraging clients to be ready in time for when the various domestic Euro direct debit schemes across the Eurozone are replaced by the SEPA Direct Debit schemes.

CGI’s LMM helps corporate easily move to SEPA direct debits, which switches legacy mandates into SEPA Direct Debit compliant mandates and manages their full-lifecycle, including collections, in line with the SEPA rule books, Citi said.

With a fully integrated archiving, scanning & printing service, LMM eases the complexity of SEPA migration for clients, while quick and easy connection enables corporates to focus on securing strategic advantage from SEPA, CGI said.

The service facilitates CGI Logica’s SEPA offering and footprint in the European market, corresponding to Citi’s SEPA presence in 23 geographies and wide range of SEPA capabilities, including SEPA Direct Debit instruments within the CitiDirect Online Banking platform as well as host to host solutions.

As a result of this alliance, Citi will be able to provide a comprehensive, trusted and scalable solution to its clients.

Citi Transaction Services treasury and trade payments and receivables EMEA head Karin Flinspach said the adoption of SEPA requirements can be a challenging process both from an operational and cost perspective.

"We are confident that the CGI Logica Mandate Management service will help meet the demands of our clients as it provides end-to-end SEPA migration services, rapid on-boarding times and proven delivery capabilities," Flinspach added.

Citi Transaction Services provides integrated cash management, trade, and securities and fund services to over 65,000 clients from multinational corporations, financial institutions and public sector organizations, globally.