The Royal Bank of Scotland (RBS) has launched a solution to help clients migrate to mandatory SEPA standards.

The RBS SEPA Accelerator converts and enriches legacy formats into SEPA formats, in what RBS says will be a cost-effective solution for the migration of electronic payments, collections and core master data management.

Steve Everett, global head of cash management, RBS, said: "Although all large corporates are well informed of the compulsory February 1st, 2014 deadline for SEPA, it is clear from the Eurofinance survey that more than 52% of regionally-organised enterprises have yet to finalise and implement their migration project.

"This is further evidenced by the 30% and 5% market penetration for SEPA credit transfers and SEPA direct debits instruments respectively across the entire Eurozone as at end of 2012, according to the European Central Bank."

The RBS SEPA Accelerator includes a feature which allows corporates to independently initiate, monitor and amend file testing, validation and end-to-end simulation – this way the corporate is able to self-test their SEPA readiness.

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