Logica and Simplex Partner on Global SEPA Direct Debit Solution
Logica, a business and technology service company, and Simplex, a global transaction services provider, have partnered to provide a comprehensive single euro payments areas (SEPA) Direct Debit (SDD) mandate management service to its bank clients internationally. This will be available as a fully hosted solution and based on Logica’s Mandate Management (LMM) solution.
SDD, introduced by the European Payments Council (EPC), will replace every national direct debit scheme in the eurozone. This means that responsibility for the set-up and management of direct debit mandates now falls to the corporates. Simplex decided that it needed to provide a high performing mandate management solution to help banks smooth the migration path of their corporate creditors to SDD. The new hosted global service will enable banks to help their corporate clients secure business benefits from SEPA.
Garry Young, director of corporate services for Logica’s Global Products Business, said: “SDD is bringing about major changes. It will effectively allow corporates to rationalise infrastructure, optimise cash management and potentially reduce banking relationships, which will increase competition for banks. With LMM, Simplex will help its bank clients become more competitive by enabling them to deliver cost effective mandate management services for SDD payments to their corporate clients.”