Direct Debit Factory
The new SEPA Direct Debit scheme introduced by the European Payments Council offers corporations who operate across the SEPA market the opportunity to improve and standardize their cash collection process by enabling corporations to collect funds denominated in euro from their debtors across 31 European countries. Corporations who today process direct debits in multiple SEPA countries can also benefit by making the switch to SEPA Direct Debit as the scheme uses a single payment instrument through-out the SEPA zone eliminating the need for multiple banking relationships in each country.
This in turn means the elimination of multiple banking applications and its respective system interfaces as well as the administration management behind those applications therefore reducing operational and transactional costs. SEPA Direct Debits will eventually replace existing national schemes as the EPC has set a clear vision and objectives which mandate that all direct debits within SEPA will be processed under the conditions of either the SEPA Core Scheme or the SEPA Business-to-Business Scheme to enable the achievement of best-in-class security, low risk and improved cost efficiency for all participants in the scheme.
The AvantGard Direct Debit Factory is a highly adaptive solution able to integrate seamlessly with existing corporate cash management and ERP infrastructures as well as secure integration with the SWIFT alliance gateway. It offers the convenience of “out-of-the-box” availability combined with the advantage of highly customizable workflows. The solution also allows for the flexible set-up of roles and responsibilities as well as data segregation. Obtaining direct debit information from various sources and processing collections across the SEPA zone is made easy with this complete end-to-end offering.
Features:
- Support Multiple Direct Debit Schemes & Origination Systems
- BIC/IBAN Validations, Mandate Checking, Enrichment of Payment Instructions
- Multi-step Authorization and Routing
- Adhere to Direct Debit Formatting & SEPA Mandates
- Coordinate Acknowledgement Files and Confirmations with SWIFTNet File Act
- Allow for Self-Service Processing
- Support for the Attachment Check Payment Method
Benefits:
- Adhere to SEPA Direct Debit Mandates
- Reduce Transactional Processing Costs
- Institute Strong Security & Fraud Prevention Mechanisms
- Improve Visibility for Reporting & Auditing
- Enhance Service to Customers