Deutsche Bank’s global transaction banking division, engaged in payments clearing and settlement, and IT services provider Logica have formed a strategic alliance to launch an outsourced solution for SEPA Direct Debits.
Supported by Logica’s All Payments Solution (LAPS), Deutsche Bank will combine a new SEPA Connector offering with its existing SEPA processing solutions to provide its financial institution clients with low cost plug and play SEPA functionality.
According to Logica, the SEPA Connector will initially be targeted at debtor banks requiring a service for complying with mandatory SEPA Direct Debits (SDD) reachability requirements in readiness for the November 2010 deadline, but also supports SEPA Credit Transfers, said Logica.
Logica said that in the first phase of the partnership, the SEPA Connector will enable debtor banks to view SDD transactions, manage rejects and returns, as well as upload files for further validation and processing. Deutsche Bank will also provide connectivity to EBA Clearing and its bilateral partners.
Michael Mueller, managing director of wholesale solutions for global transaction banking at Deutsche Bank, said: Attaining SEPA reachability and complying with SDD places further strain on legacy technology for many banks. Through our partnership with Logica, we can provide our financial institution clients with access to SEPA clearing services based on best of breed technology. The SEPA Connector forms an integral part of our strategy for expanding the provision of outsourced services, while also presenting a strong business case for banks.
