Sentenial and SunGard have developed a SEPA Direct Debit solution that can centralise direct debit and payment processes across a corporate’s eurozone network.
Sean Fitzgerald, CEO of Sentenial, said:
“The move to combine SunGard’s AvantGard with Sentenial’s Origix Corporate is reflective of the increased industry demand for solutions that completely address the SEPA end-date challenge.”
The two vendors have also investigated the impact that SEPA will have on corporates’ IT systems and identified the top 10 IT trends and challenges.
These include the adoption of SEPA Direct Debits, which “could be an unexpectedly large project for many corporations due to the many variables involved with implementing and integrating a SEPA solution with a variety of back-office accounting and CRM systems.”
Other trends identified by Sentenial and SunGard include a lack of a dedicated budget for SEPA projects because some corporate do not realise how complex a migration will be; migrating customer records to IBAN and sustaining a uniformity in CRM systems, as well as:
- Massive CRM and ERP databases of large creditors. These
creditors may face challenges in migrating to SEPA due to the bulk
Treasurers’ requirement for a complete mandate management system, including one that contains relevant mandate data every time a payment needs to be collected.
- A rising interest in integrated collection and payment hubs among corporates to benefit from a single payment standard by reducing IT costs and other resources.
- Using “a small number of cash management banks” to process euro transactions and using ISO 20022 messages for automated reconciliation.