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The Dovetail SEPA Solution, fully functional out-of-the-box, integrates with your business applications to deliver full compliance with minimal pain. It is a strategic element of an integrated, component-based universal payments solution designed to give you the flexibility to deal with an uncertain future.
This solution fully supports Credit Transfer and Direct Debit payments including inbound and outbound ‘R' messages and comprehensive Mandate Management facilities. It incorporates extensible SEPA qualification rules including IBAN and BIC checking, and extensible routing rules for multiple clearing and settlement mechanisms, bilateral and other channels. It offers a single platform with all of the benefits of high throughput STP, with manual intervention eliminated whenever possible. The solution fully supports ISO 20022 standards and has been developed with the input of major financial institutions.
It's comprehensive, complete — and available.
Function-rich, Workflow Friendly
The SEPA workflows have been configured to include qualification with IBAN and BIC validation, future warehousing, pre and post settlement warehousing, foreign exchange for cross-currency payments, funds checks and regulatory compliance checks. Unbulking and bulking of files is supported with a rich a set of client configurable options for bulk and individual accounting.
For Credit Transfers, EBA routing tables are used to direct payments with client configurable alternate routing through XCT should the beneficiary bank be unreachable through EBA STEP2.
For Direct Debits, comprehensive mandate management is provided, including automatic generation of debtor side mandates on first collection and full mandate checking of all collections. Additionally, STP accelerators are included for smart matching of reversals, requests for cancellations, rejects and returns.
The Mandate Management module allows banks to hold and control their clients' electronic mandates. Collections undergo a Mandate Check stage that confirms the existence of a valid mandate between each Direct Debit's creditor and debtor, and reroutes or rejects collections appropriately in the absence of such a mandate based on the Direct Debit's type.
The Dovetail SEPA Solution can solve your tactical needs and be the start of a strategic progressive renovation of your payments system.
Challenge or Opportunity?
SEPA, for all the challenges it presents, will provide significant profit opportunities. Banks that decide to take a minimum compliance route will lose out to those who fully embrace SEPA. The latter will be in a position to develop a more competitive payments offering- and win business as a result.
SEPA Direct Debits, for example, are likely to be highly competitive as major creditor customers get the opportunity to consolidate their collections from retail and business customers across Europe , through one creditor bank.
The Dovetail SEPA Solution could put you ahead of the game.
View Dovetail's SEPA Brochure:
View Dovetail's Mandate Management Brochure:
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