More NewsPilot Solution SEPA Compliant Electronic Banking

Pilot Solution SEPA Compliant Electronic Banking

OpusCapita are to deliver a SEPA compliant electronic banking solution for the Finland based integrated paper, packaging and forest products company, Stora Enso. Stora Enso group’s internal bank will develop its electronic banking with the help of software developed by OpusCapita. The electronic banking transactions between the group’s internal and external banks are now performed in a SEPA compliant XML format. The solution supplied by OpusCapita to Stora Enso standardises and automates the electronic banking processes of the group. In the future, outgoing electronic banking will be handled centrally from the main office’s internal bank. Transferring from country specific electronic banking to a group-uniform system will allow for more focussed and effective use of banking services. The technology used for displaying the payment data and handling data is XML. For Stora Enso, switching to XML payments is part of their SEPA compliance strategy. Stora Enso wanted to prepare itself for the future and take an early step towards SEPA. In doing so, they can also work towards their goal to optimise the turnover rate of purchase debts and decrease liquidity amounts. According to Kati Mäki-Karvia, Project Manager of Stora Enso, they are now able to handle all financial services of the entire group from a single location through the internal bank. Group companies are therefore able to focus more effectively on their business. The pilot stage of the project, initially implemented in Finland and Sweden, will end in February. The next step for 2007 is to create a standard operating model for the European Stora Enso group companies, which will decrease overlapping work. OpusCapita will be responsible for the connections between the group’s ERP system and bank and changing the electronic banking data to XML format. The solution is independent of the bank or ERP system the company uses. OpusCapita has experience in implementing internal service centres for several international companies.

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