CGI’s SEPA Fallback Service for Payment Security After 1 February 2014
CGI Group Inc. announces that it has been chosen by the Royal Bank of Scotland (RBS) to deliver a ‘one-stop-shop’ for its SEPA (Single Euro Payments Area) migration. CGI will roll out its SEPA Fallback Service Solution at RBS in collaboration with PowertoPay, an IT company which provides comprehensive solutions in the field of payment services. This program will address RBS European business customers as part of the RBS SEPA Accelerator initiative. RBS SEPA Accelerator is the company’s fast solution for corporate SEPA compliance.
CGI SEPA Services’ one-stop-shop will provide RBS corporate customers with a rapid SEPA compliance option that does not jeopardise operations. With this conversion solution, CGI will ensure that payments and collections will be converted into the format required for SEPA. Therefore, reporting and exchanging SEPA data with banks will be fully automated and all transfers will fully comply with the new requirements before the deadline of 1 February 2014. As part of the transaction, CGI’s SEPA Fallback Service will also be offered to all RBS and Ulster Bank clients. CGI provides two key services as part of its Fallback Service: mandate management and conversions for the migration to SEPA. Implementation and ‘onboarding’ for clients is also part of the services being provided.
“SEPA represents a fundamental change for many of our corporate customers,” says Steve Everett, Global Head of Cash Management at RBS. “With the assistance of CGI, we can guarantee our clients an innovative, cost-effective solution for the migration of electronic payments, collections and core master data management. While converting and enriching legacy formats into SEPA formats, the solution enables corporates to bridge the time-gap between now and the migration end date of 1st of February 2014, to ensure that their internal standardization projects are appropriately funded, without time and expertise pressure.”
“A recent study carried out by CGI revealed that 79% of companies in Europe have yet to implement measures to meet the upcoming SEPA deadline of 1 February 2014,” says Marcel Sommeling, Vice President of Financial Services at CGI Netherlands. “The deadline for on-time migration is rapidly approaching for companies. With it strong background and experience in financial services, CGI is proud to bring this timely and creative solution to our clients. Accelerated programmes such as the RBS SEPA Accelerator programme are required to ensure that operations are not jeopardised in the run-up to and after the end date. We are proud of the fact that after an intensive selection process, RBS has chosen the solution offered by CGI.”
SEPA migration is one of the top priorities for the majority of CGI’s European clients. In addition to making a contribution to the development of the rules for SEPA, CGI’s SEPA experts also provide an insight into the local issues at play and they look for the right solution for each company. CGI also brings over 40 years of experience in the financial sector to the table. This enables CGI to provide support to organisations in meeting the challenges and opportunities in the field of SEPA Migration.
PowertoPay holds an important position in the Dutch market in the field of payment services and it has in-depth knowledge and experience when it comes to solutions for payment services. In addition to its headquarters in the Netherlands, PowertoPay has a development centre in La Hulpe, Belgium.
Its highly qualified IT experts have been applying their knowledge and experience, as part of an integrated approach, for almost ten years. PowertoPay is at the forefront of new developments, which is why it always provides appropriate solutions for current and future issues.
About Royal Bank of Scotland Group (RBS)
The RBS Group is a large international banking and financial services company. Headquartered in Edinburgh, the Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, serving over 30 million customers worldwide. The Group provides a wide range of products and services to personal, commercial and large corporate and institutional customers through its two principal subsidiaries, The Royal Bank of Scotland and NatWest, as well as through a number of other well-known brands including Citizens, Charter One, Ulster Bank and Coutts.
RBS Markets & International Banking (M&IB) is a leading banking partner to major corporations, financial institutions, government and public sector clients around the world. M&IB provides an extensive range of products and services in debt financing, global markets, risk management, investor products, financial advisory and transaction services. The division focuses on long-term client relationships and excellence in product execution underpinned by global insight, local knowledge and a prudent and sustainable banking model to meet the evolving market and regulatory backdrop. Committed to serving clients’ needs internationally, M&IB has on-the-ground operations in 38 countries.