Bank of America Merrill Lynch Prepared to Launch SEPA Direct Debits
Bank of America Merrill Lynch is ready for the launch of the single euro payments area (SEPA) Direct Debits (SDD) scheme on 2 November 2009, which will provide clients with enhanced receivables management across 32 European countries.
SDD enables the cross-border collection and payment of euro direct debit transactions under a consolidated set of rules and processes, providing clients with an easier and more effective way to conduct business in Europe. Through SDD, clients will benefit from standardised charges and transaction cycle times, and the enhanced client reporting feature will allow them to differentiate their SEPA transactions.
“Bank of America Merrill Lynch recognises the advantages of centralising and standardising high volume payables and receivables, and we’re very pleased to roll this out to our clients early so that they can reap the benefits of SDD products now,” said Nick Diamond, EMEA treasury product delivery executive at the bank. “Through SDD, financial institutions and corporates have the opportunity to become more efficient and competitive in their markets.”
The bank will advise clients on how the SDD specific data elements, where appropriate, can be incorporated into their existing electronic file formats.