One of Austria’s leading retail banks, BAWAG, is taking part in a Single Euro Payments Area (SEPA) Direct Debit (DD) pilot, scheme operated by the payments specialist VocaLink.
The bank will benefit from a broad range of services, prior to the launch of SEPA DD payments in November 2009, including a payments capture process which removes the need for unnecessary intervention by directly recording clients’ payments. It is hoped the pilot, introduced in Q1 2009, will assist migration and cut infrastructure and development costs.
A management module that can centralise critical mandate information on behalf of the bank and its clients is a key component of the installation. The pilot is intended to ease the migration towards a SEPA-compliant infrastructure.
Commenting on the pilot, Joseph Laughlin, a member of the management board at BAWAG, said: “The initiative will demonstrate to our corporate customers that the bank is ahead of the market. The value-added services, such as payments capture, validation, mandate management and exceptions management, will make a real impact with our customers.
Source: fstech.co.uk
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