Fundtech Ltd. has launched Pan-European PAYplus, an application component of its Global PAYplus payments software. The application aims to help banks meet the upcoming processing demands of the Single European Payments Area (SEPA) and Target 2, while enhancing their abilities to maximise related revenue opportunities with their corporate customers.
SEPA, an EU initiative, will standardise the fragmented payments market in Europe, removing differentiation between domestic and cross-border payment processing. This will affect all aspects of electronic payments, including credit transfers, direct debits, and card payments. SEPA and the related Target2 initiative pose major challenges for financial institutions operating in the eurozone including: time constraints for readiness, the introduction of new messaging standards, industry infrastructures, and, pricing and processing constraints.
“Increasing revenues is equally as important as reducing costs under the new SEPA paradigm,” says Mike Sgroe, the President and COO of Fundtech. “Pan-European PAYplus allows banks to deliver differentiated payment services targeted to the unique needs of their clients across market segments. We see SEPA as a catalyst for dramatic transformation in the market and are committed to providing our clients with the most advanced solutions to meet and exceed their business objectives.”
Fundtech says Pan-European PAYplus includes processing for: SEPA Direct Debit, Direct Credit payments and Directory Services, Target 2 payments via SWIFT, STEP 2 ACH batched payments, and Target 2 related liquidity management.