To consolidate Single Euro Payments Area (SEPA) and legacy payments
Fundtech, the global provider of transaction banking solutions, and Microsoft have launched the ‘SEPA Integration Suite’, a new suite of SOA (service-oriented architecture) services that adds complete SEPA transaction processing to a bank’s existing payments infrastructure.
Reportedly, the SEPA Integration Suite supports multi-country deployments, and offers mandate management functionality. Its middleware transforms, organises and routes transactions between legacy and SEPA formats using ISO 20022 XML messaging standards.
Fundtech has said that by leveraging existing payments infrastructure, banks can save time and money adding transaction processing capabilities for both SEPA Credit Transfers (SCT) and SEPA Direct Debits (SDD). It has added that the corporate clients can benefit by being able to send a single stream of payments, in various formats, to a centralized payment service, streamlining their accounts payable operations while improving multi-country cash management visibility.
Dieter Prang, managing director, Fundtech GmbH, said: “Fundtech and Microsoft are offering the market an affordable and quickly implemented solution that addresses the eurozone harmonization dilemma related to SEPA payments. By leveraging existing payments infrastructure, banks using SEPA Integration Suite will be able to meet the SDD deadline while minimizing the expense of adding this required capability.”
Susan Hauser, vice president, worldwide financial services, Microsoft, said: “Our alliance with Fundtech substantially expands our partner ecosystem for payments by helping our banking clients meet the imperatives of cost-cutting and innovation in these challenging economic times.”