HSBC has chosen payment service provider
Dovetail to process SEPA Credit and Debit Transfers.
HSBC will implement the Dovetail Payment
Services Hub for its European Volume Payments System. The Hub will
also be used to manage debtor and creditor mandates for 11 of the
countries HSBC is present in Europe.
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An official announcement said that the deal
with Dovetail supports and underscores HSBC’s commitment to the
SEPA migration deadline, which is set for February 2014.
HSBC’s action is a sign that the official
big-scale migration among big banks has
commenced.
“This announcement clearly confirms that the established end date
(2014) for SEPA is forcing banks to act,” said Aite Group senior
analyst Enrico Camerinelli.
He added: “My expectation is that HSBC
will use the solution for Europe to start and then extend it to
Asia where its presence is very strong.
“At that point, the payments hub will have to
embed foreign exchange (FX) and cash management services to handle
currencies in countries where expatriation of funds is
controlled.”
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By GlobalData“HSBC is a huge win for Dovetail. To date,
Dovetail has made some inroads, but this is the first time a global
bank has announced that they will use their platform for such a
comprehensive undertaking.”
