Single Euro Payments Area, or SEPA, will be implementing their new regulations beginning February 1, 2014. Similar to the uniform bank transfer system within the Euro Zone that has been in place since 2008, SEPA’s next stage is to ensure that all credit transfers and direct debits placed within the Euro Zone will be also done uniformly. The deadline for complying with the regulations for countries not located physically in the Euro-Zone is October 31, 2016.
With the ever-closing February deadline, Volante Technologies, a global leader in the provision of financial data integration tools, has launched their new tool, the SEPA Accelerator. The SEPA Accelerator will support the numerous standards that are needed in order to successfully integrate the new credit and debit regulations.
The standards that are supported by the SEPA Accelerator are: ISO 20022, CGI, IDOC, SWIFT FIN MT 1xx, 2xx, 9xx series, EDIFACT, also supporting the varying volumes and preferred connectivity routes via SWIFTNet. In addition, the SEPA Accelerator will support the internal translations for legacy ACH standards and proprietary data structures for both internal applications and external entities.
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The SEPA Accelerator, in addition to assisting your infrastructure to be compliant to the new standards, will offer messaging creation for notification and data management functions, such as validation, data cleansing and updates to databases that will be needed on the 1st of February. Volante’s accelerator will also eliminate the need for manual coding and will assist in cutting down project times and costs by at least 50%.
We expect to see more from companies like Volante Technologies which offer tools for integrating the new standards and regulations starting on February 1, 2014. We will be posting more on the new SEPA regulations and tools as we approach the deadline.
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