IFS Supports SEPA with Advanced Applications
IFS Applications is now ready for the next stage of the single euro payments area (SEPA), which will allow quicker, cheaper payment transactions for companies in all industries across Europe. IFS has developed its technology to manage the new payments system ahead of the launch of the regulation’s second stage, SEPA Direct Debits, in November 2009. The first stage, which went live in January 2008, made it possible for companies to gradually start using SEPA payment transactions dependant on bank services becoming available. IFS Applications will support two of the three types of transaction affected by SEPA – credit transfer, which is already supported and operational, and direct debit, which the company will be able to support fully, becoming operational by the end of 2009 in time for SEPA’s 2010 deadline. The third type of transaction, card framework, may be adopted in future pending the level of customer demand.