Pioneering European Direct Debits (SEPA)
article added on Sep 01 2010
SEPA Direct Debit went live in November 2009, since then ING has been a pineer in supporting clients moving from domestic direct debit arrangements. In the attached article from TMI, ING outlines how they have partnered with Sentenial to address both the challenges and opportunities of corporate clients in adopting SEPA Direct Debit.
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Sentenial's Origix Corporate nominated for Best Product
article added on Jul 26 2010
Sentenial, the two time winner of the Banking Technology Reader’s Choice Awards, has been nominated for the third consecutive year. This year, Sentenial’s lastest product Origix Corporate is being considered for the ‘Best Product’ award.
The Banker’s Technology Reader’s Choice Awards are decided on a voting system. Customers, readers and industry professionals can make their voices heard by nominating their preferred vendor and preferred product.
To vote, please visit http://forms.bankingtech.com/awards
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ING announces its partnership with Sentenial
article added on Jul 20 2010
Taco Dirks, Product Management, ING and Brian Hanrahan EVP Product and Business Development, Sentenial, discuss their strategic partnership at EBA day 2010.
Sentenial and ING have partnered to provide a SEPA mandate migration and management service to corporates across Europe.
Sentenial expands to deliver its award-winning SEPA payment solutions to French and Spanish Markets
article added on Jan 22 2010
Thursday, 21 January 2010, London—Today Sentenial, the leading provider of SEPA payment solutions, announced the opening of sales and client support offices in both Paris and Madrid. The expansion strengthens Sentenial’s ability to deliver its award-winning SEPA solutions to the French and Spanish markets.
Ramp up for expansion into the French and Spanish markets began in early 2009. Sentenial hired several local payments experts who worked with its core product development team to tailor its existing solutions to the unique requirements of the French and Spanish payments markets. With localised solutions now ready for the market, Sentenial moved to establish sales and support offices.
Local managers, Thierry Kolton and Roland Wouters, have been working with Sentenial since late 2009 to ensure that clients in the French and Spanish markets are provided with a strong local relationship manager in addition to local project support.
Sentenial brings two of its product lines to the French and Spanish markets. Origix, a hosted SEPA solution, enables banks to offer their customers a suite of bank branded value added services including mandate management and SEPA enrichment. EuroDebit includes complete end-to-end SEPA solutions as well as off-the-shelf ‘light’ offerings that provide rapid deployment options for banks looking to gain certainty over the size and timetable of their SEPA project.
According to Brian Hanrahan, EVP Sales and Product at Sentenial ‘This was the right time to strengthen our presence in France and Spain because it became clear that these markets were underserved by providers with proven and comprehensive SEPA solutions. We are entering a new phase in the SEPA project, where banks are focusing on their customer proposition and related business opportunities. That is a development which suits Sentenial very well. Our investment programme during 2010 will extend our current operation in Amsterdam, and will open centres in a number of additional European countries.’
Sentenial Awarded ‘Most Innovative New Product’ by Banking Technology Magazine
article added on Nov 13 2009
09 November, 2009, London -For the second consecutive year Sentenial was recognised for excellence by the readers of Banking Technology Magazine. Sentenial was awarded ‘Most Innovative New Product or Service’ at the prestigious awards ceremony which took place on Thursday 5th November in London.
The Banking Technology's Readers' Choice Awards are voted for by the magazine's international readers, who are asked to name their choice of vendors and products in a range of categories spanning all parts of the financial services spectrum.
Sentenial was honoured for innovation for SEPA Ready2Receive (SEPA R2R), a solution designed to help banks across Europe meet SEPA Direct Debit compliance requirements with minimal cost and minimal disruption.
SEPA R2R is one of a full suite of solutions developed by Sentenial to help banks and corporations adopt SEPA. Constantly innovating, Sentenial’s latest offering, Origix, allows banks to profit from the introduction of SEPA by providing bank branded on-demand services, ensuring they are in the best position to retain and expand their customer base.
Commenting on the award win, Sean Fitzgerald, CEO, Sentenial said, “We are delighted to be recognised for innovation. We listen very closely to our customers and work to develop solutions to suit the ever-changing needs of the market. I would like to thank our clients, partners, and staff who continue to support and contribute to our success.”
Sentenial Ltd. which has offices in the UK, Ireland, France and the Netherlands is fast becoming recognised as one of the leading providers of SEPA payment solutions in the industry. With a client base including tier 1 banks and several hundred corporates, Sentenial has built a reputation for best-in-class solutions, accurate and efficient delivery and excellent customer service.
New EU legislation on payment services brought into effect by Minister for Finance to deliver greater protection for consumers and businesses.
article added on Oct 06 2009
The Minister for Finance, Mr Brian Lenihan, T.D., has signed regulations to transpose the Payment Services Directive.
The European Communities (Payment Services) Regulations 2009 (S.I. No. 383 of 2009) will apply from 1 November 2009 and will regulate the provision of specific payment services to all users, with specific rights for consumers and micro-enterprises (broadly, firms with a staff of less than 10 people and a turnover of less than .2 million). Payment services covered include credit transfers, direct debits, standing orders, money remittance, debit and credit card transactions, and certain services provided through mobile phones or other digital and IT devices.
The Minister said, .these regulations provide a new, comprehensive regulatory framework for the provision of payment services, whether in euro or in another Member State.s currency, in Ireland and throughout the European Union..
Benefits for payment service users
The regulations set out the respective rights and obligations for the users and providers of payment services, including:
- electronic credit transfers that do not involve any currency conversion must be carried out at the latest by the end of the next business day from January 2012. Until then, a maximum execution time of three business days applies. In addition, parties may agree on an extra business day for paper-initiated payment transactions
- when a payment is credited to an account, a recipient will have full and immediate use of the monies
- enhanced customer protection through the provision of standardised information on payment services and clear rules on refund where a transaction is wrongly executed and
- the Directive provides a legal basis for consumers to live and work throughout the EU and to manage all their finances from an existing euro account within the framework of the Single Euro Payments Area.
The Financial Regulator will be responsible for regulating the provision of payment services in Ireland and consumers and micro-enterprises will be able to bring complaints to and seek redress from the Financial Services Ombudsman for breaches of obligations arising under the Regulations.
A new type of payment service provider
Payment services are currently provided by, amongst others, banks, building societies, credit unions and money transmitters. The Payment Services Directive introduces a new category of provider known as a payment institution, which may be authorised to provide payment services within the scope of the Directive in conjunction with existing providers of such services, such as banks, and establishes harmonised EU rules for their authorisation and supervision. The Directive, therefore, lays down the framework for the future development of the payments industry in the European Union.
Click here for further detail
The European banking industry confirms its commitment to the Single Euro Payments Area.
article added on Dec 09 2009
EPC Launches the two SEPA Direct Debit Schemes in November 2009.
"On 31 March 2009 the EPC Plenary the decision-making body of the European Payments Council decided that as of 1 May 2009 it will be possible for banks to sign up for participation in the SEPA Core Direct Debit Scheme and / or the SEPA Business to Business Direct Debit Scheme. Banks will therefore be able to start delivering euro direct debit services as of 2 November 2009.
The introduction of the two SEPA Direct Debit Schemes demonstrates the continued commitment of the European banking industry to the creation of one domestic euro payments market and its ability to deliver on time the euro payment schemes that are the foundation of SEPA. SEPA Direct Debit services offer citizens, companies and public administrations a new and unique opportunity to make euro direct debit payments within and across 31 European countries', comments EPC Chair Gerard Hartsink.
Prior to yesterday's confirmation of the SEPA Direct Debit launch date, the EPC had emphasized the need for certainty as regards the acceptability of a multilateral inter-bank fee arrangement for SDD transactions in the long term. In a joint statement on 24 March 2009 the European Commission and the European Central Bank clarified their position on such an inter-bank fee arrangement applicable to SEPA Direct Debit transactions after October 2012. The EPC recognizes that the principles outlined in the joint statement of the regulators will affect the SEPA banking communities differently due to the fact that banks' existing direct debit business models vary from country to country. This means that some communities are confronted with the obligation to adapt their current direct debit business model significantly as of November 2012.
National and European public authorities must now implement those legal provisions that will allow banks to finalize SEPA implementation projects and will enable bank customers to fully exploit the benefits of the SEPA Direct Debit. It is very important that national governments complete transposition of the EU Payment Services Directive (PSD) by 1 November 2009 the latest. The PSD provides the harmonized legal environment needed for SEPA-wide operation of the SEPA Direct Debit Schemes. In addition, EU Member States must, where necessary, create legislative solutions to ensure the continued legal validity of existing mandates under the SEPA Direct Debit Scheme.
The SEPA Direct Debit Schemes provide a fast, secure and convenient means of making single or recurrent euro payments. The SEPA Direct Debit Schemes allow customers for the first time ever to make both domestic and cross-border euro direct debit payments throughout the 31 SEPA countries. The EPC invites major billers such as tax authorities, insurers, publishers and telecommunication companies, for example, to take advantage of SEPA Direct Debit services and to make this new means of bill payment available to consumers"
Gerard Hartsink, EPC Chair
Click here for further detail or to download a copy of the EPC's 'Short Cut to the SEPA Direct Debit Schemes'.
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