The Royal Bank of Scotland (RBS) has presented a new technology, known as SEPA Accelerator, to assist in rapid and cost-effective migration of electronic payments, collections and core master data management to mandatory SEPA standards.
The newly introduced product has been designed to reduce the burden of time-pressured business process and technical compliance to the SEPA standard, according to the UK lender.
RBS cash management global head Steve Everett said the new technology will enable companies to meet SEPA standards before 1 February 2014.
More than 52% of regionally-organized enterprises are yet to finalize and implement their migration project, according to a study conducted by Eurofinance.
The new technology enables organizations to ensure that their internal standardization projects are properly funded when converting and enriching legacy formats into SEPA formats.
Equipped with monitoring and amending file testing, validation and end-to-end simulation capabilities, the new technology enables corporates to quickly self-test their SEPA readiness, saving rejection costs and negotiation with their bank and ERP provider.
Matching an array of payment and collection factory solutions, BS SEPA Accelerator provides corporate clients a single interface to seamlessly manage their euro flows and processes related to migration and data management of SEPA instruments.
RBS Group operates in the UK, Europe, the Middle East, the Americas and Asia, serving over 30 million customers globally.