Deutsche Bank's Launches Four-pillar SEPA Strategy
Deutsche Bank has announced a four-pillar approach designed to deliver its clients financial and business benefits following the launch of the single euro payments area (SEPA) in January 2008. First, the bank has decided to handle all payments with SEPA criteria in the same way as legacy domestic mass payments, irrespective of format and access channel. Second, Deutsche Bank plans to insulate clients in their migration to SEPA through the enhancement of payment formats such as IDOC, CSV and EDIFACT to alleviate the need for clients to have to immediately change their payment processes and infrastructure to provide and deliver XML, the official SEPA format. Third, Deutsche Bank will provide a flexible account model to further insulate its customers in an effort to make SEPA migration easier and convenient. Finally, the bank has developed a number of new product features aimed at helping clients with their transaction initiation and reconciliation processes. Examples include the re-conversion of IBAN/BICs into national account numbers and the completion of certain payment orders where BICs are not included in an original payment instruction. Ultimately the bank hopes that these value added services will allow for a SEPA transition that not only takes into consideration its clients’ migration challenges and timelines, but also the pace of changes within the markets with respect to the migration of clearing systems.