Introduction of a unique SEPA fallback service
PowertoPay has teamed up with CGI, a leading independent information technology and business process services company, to launch the new SEPA Fallback Service. Recently, the European Central Bank (ECB) looked closely at the state of SEPA migration in Europe and the research found that the Netherlands – alongside Germany, Spain and France – is one of the largest “direct debit” markets in Europe. The ECB study* also looked at the state of SEPA compliance and found that precisely in these large direct debit markets, meeting the 1 February 2013 deadline does not appear to be feasible for quite a lot of companies. The same conclusion is supported by figures from a recent Europe-wide survey sponsored by CGI and the European Banking Association, which has revealed that 79% of companies in Europe have yet to implement measures to meet the upcoming SEPA deadline of 1 February 2014, with 57% of organizations still in the planning stage.
This is why the SEPA Fallback Service was developed. With this flexible solution, companies which will not be fully SEPA-compliant by the time the SEPA deadline occurs will still retain the ability to process payments after 1 February 2014. The CGI solution ensures that within 4 to 8 weeks, a company can exchange SEPA-compliant payment data with banks. CGI provides two key services as part of its Fallback Service: mandate management and conversions for the migration to SEPA. The conversion services are offered in collaboration with PowertoPay, an IT company that provides complete solutions in the field of payment services. The conversion solution ensures that payment and collection files are converted to the format required by SEPA. The file exchange procedure with the banks is fully automated. “We have developed the SEPA Fallback Service as we were aware of the fact that the 1 February 2014 deadline for on-time migration has been rapidly approaching for companies. The Netherlands is one of the main direct debit markets in Europe and as such, it is of the highest importance that the SEPA deadline be met by all businesses,” says Marcel Sommeling, Vice President of Financial Services at CGI Netherlands. “There are various ways and solutions to migrate to SEPA-compliant payments. CGI provides businesses with the SEPA Fallback Service, thus providing them with the opportunity to exchange SEPA-compliant payment files with the bank and thus comply with the SEPA requirements. Within a short time span – 8 weeks at the most – we can help our clients achieve SEPA compliance,” Sommeling adds.
“SEPA is definitely one topic of conversation that can no longer be avoided, as time is effectively running out for many companies. Together with CGI we have developed the SEPA Fallback Service, a complete Software-as-a-Service (SaaS) solution that supports companies in achieving full SEPA compliance,” says Frank Nolden, CEO of PowertoPay.
* European Central Bank – SEPA migration report – March 2013. For more information please contact:
Bas Huisman, PowertoPay Commercial Director.
Phone: +31 (0) 20 2620839
CGI Group Inc., founded in 1976, is the sixth largest independent business and technology services provider in the world. With approximately 69,000 professionals in offices and global service centers in America, Europe, Asia and Oceania CGI offers a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of own solutions. The annualized turnover of CGI is about $ 10 billion with an estimated backlog of approximately $ 18 billion. CGI is listed on the TSX (GIB.A) and the NYSE (GIB) and is included in the FTSE4Good Index.
PowertoPay is a dynamic IT services provider that delivers complete payments solutions. The company is a specialist in the field of payments in the Netherlands and a leader as far as new developments in the payments space are concerned. PowertoPay has in-depth knowledge and significant experience when it comes to delivering the best solutions within the payments ecosystem. With its in-depth industry knowledge and experienced staff, PowertoPay is ideally placed to assist your organization in optimizing its payments processes, providing advice and support to help overcome challenges connected to bank payments. PowertoPay also manages the implementation and deployment of their solutions.