The Royal Bank of Scotland recently chose CGI Group to help the bank’s European business clients transition to SEPA, or single euro payments area—a European Union project aimed at simplifying bank transfers in euro.
CGI will introduce its SEPA Fallback Service Solution at RBS in collaboration with Dutch IT company PowertoPay to help RBS corporate customers comply with SEPA. With the solution, CGI will ensure the conversion of all payments and collections into the SEPA-mandated format.
Reporting and exchange of SEPA data between banks will be completely automated, and all transfers will comply with the SEPA requirements ahead of the Feb. 1 deadline.
“SEPA represents a fundamental change for many of our corporate customers,” Steve Everett, the global head of cash management at RBS, said. “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 [Feb. 1], to ensure that their internal standardization projects are appropriately funded, without time and expertise pressure.”
Marcel Sommeling, the vice president of financial services at CGI Netherlands, said a recent company study showed that 79 percent of European companies have not yet implemented measures to meet the upcoming SEPA requirements.
“The deadline for on-time migration is rapidly approaching for companies,” Sommeling said. “With its 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.”