To coincide with Monday’s important milestone in the Single European Payments Area (SEPA) migration process by the European Central Bank (ECB), Computer Sciences Corporation (CSC) has confirmed that it has proven capability to provide SEPA compliant European credit transfers and direct debits, via its Payments Transaction System (PTS) SEPA application, which has already been implemented within 7 banks, details of which are due to be announced shortly.
Monday represents the deadline for the first SEPA payment instrument for credit transfers, which means that CSC’s additional capability to process direct debits is ahead of the official deadline of early 2009 by over one year.
CSC has worked since last autumn to test its applications with 7 banks, to ensure that it is robust and capable of bringing the payment processing efficiencies that SEPA aims to offer.
The banks which have implemented and tested CSC’s applications include three tier one banks one a global bank, the other two, large European banks. The remainder are mid-tier banks.
“Our capabilities in credit transfers and direct debits have been put to the test ‘in situ’ with several of our banking clients and it has proven that our solution will allow banks to validate, analyse, price, clear and settle end to end payment transactions smoothly and swiftly,” says Michael Arben, CSC’s executive tasked with leading CSC’s initiatives inside SEPA.