Commerzbank and Sentenial Partner on SEPA Value-added Services
Commerzbank has partnered with Sentenial to deliver value-added single euro payments area (SEPA) services to its financial institution (FI) customers. This agreement provides Commerzbank customers with a service to operate SEPA in a robust and scalable manner without changing their back office systems.
Sentenial has worked with Commerzbank to create a detailed solution allowing complete SEPA Direct Debit (SDD) compliance. Ease of use and simplicity is achieved through the product’s unique ‘SEPA Expert’ system that protects and insulates FIs from the complexities of the SDD scheme.
An example of the detailed product is the intelligent provisioning of R-message options ensuring users initiate R-messages only when conditions permit. The solution is a future proofed solution due to Sentenial’s continuous SEPA compliance guarantee and its straight-through processing (STP) capabilities.
The solution allows FI’s provide high levels of debtor protection by the blocking facilities that include account, mandate and transaction blocks.
Reinhard Furthmayr, head of FIs, Commerzbank, said: “The SEPA transition can place a significant burden on users of payments. This partnership with Sentenial and their extensive product set eases the pressures for Commerzbank FI customers. The product greatly assists the transition to SEPA, while remaining extremely cost effective.”