Equens Offers SEPA Direct Debit Internet Solution
Equens is ready for the introduction of the single euro payments area (SEPA) Direct Debit (SDD) on 1 November 2009. The payments firm is offering banks an economical Internet solution with a short time and minimal effort for implementation. With Equens’ solution, banks will be able to receive SDDs and fully comply with the SDD regulations and implementation guidelines drawn up by the European Payments Council (EPC).
Any bank can use the Internet solution, or ‘debtor bank module’. When SDDs are submitted, participating banks being debited receive a notification from Equens and determine online how these transactions should be processed.
In contrast to the SEPA Credit Transfer (SCT) launched in January 2008, the regulations banks are required to follow when processing SDDs are complex. Moreover, the initial volume of SDDs is expected to be limited. Due to the current investment climate for banks, the low volumes, and the fact the banks do not need to be fully ready to receive SDDs until 1 November 2010, Equens’ solution is especially appealing. Banks can log in to the new Internet solution via Equens’ secure web portal to process their SDDs in an easy and user-friendly manner.