Axway Launches SEPA-compliant Payment Transaction Solution
Axway has launches its Financial Exchange (FEX) solution that helps banks and corporate treasuries to adapt to growing demand for a pan-European payment infrastructure under the single euro payment area (SEPA). FEX enables organisations to comply with European standards, such as International Bank Account Number (IBAN) and the upcoming deadline for the SEPA Direct Debit (SDD) scheme. The FEX solution is already in use at the French PE-ACH (pan-European automated Clearing House) for SEPA Credit Transfer (SCT), and in large banks and corporations.
FEX allows both banks and corporates to control the migration schedule from existing internal infrastructure assets to SEPA-compliant systems easing the financial burden in the near term. In addition, the solution consolidates and provides visibility into high-value flows both internally and externally. For banks specifically, it eases the migration of their customer’s payment transactions into new electronic bank protocols reducing risk and ensuring service-level agreements (SLAs). Axway also offers managed services allowing banks to outsource activities such as customer enrollment, provisioning of the communication endpoint to the corporate customers, etc. For corporate treasuries, the solution also facilitates the secure straight-through processing (STP) of payment transactions through market infrastructure.
“Financial institutions in Europe are grappling with a global recession and upheaval in the financial markets while also confronting deadlines for regulations that force them to revaluate their payment processing infrastructure,” said Bernard Debauche, VP EMEA product solution marketing at Axway. “While industry mandates like SEPA, IBAN and PSD [Payment Services Directive] will make Europe more competitive on a global scale in the long term, there will be some growing pains as banks and corporates make the needed changes to be compliant. Financial Exchange was specifically designed help banks and corporates migrate to new systems and turn regulatory mandates into business opportunities.”