Commerzbank has entered a partnership with Sentenial to deliver value added SEPA regulation services to their Financial Institution (FI) customers. This agreement provides Commerzbank customers with a service to operate SEPA regulation in a robust and scalable manner without changing their back office systems.
Sentenial have worked in partnership with Commerzbank to create a detailed solution allowing complete SEPA regulation direct debit compliance painlessly. Ease of use and simplicity is achieved through the product’s unique “SEPA Expert” system that protects and insulates FIs from the complexities of the SEPA regulation direct debit scheme.
An example of the detailed product is the intelligent provisioning of R-message options ensuring users initiate R-messages only when conditions permit. The solution is a future proofed solution due to Sentenial’s continuous SEPA Regulation Compliance guarantee and its STP capabilities.
The solution allows FI’s provide high levels of debtor protection by the comprehensive blocking facilities that include account, mandate and transaction blocks.
As you would expect with a SaaS solution, it has high levels of security including a comprehensive approval process for blocks and R-transactions. Critically the product allows seamless integration with back office systems through the re-use of current domestic payment formats.
Mr Reinhard Furthmayr, Head of Financial Institutions,Commerzbank commented, ‘The SEPA transition can place a significant burden on users of payments. This partnership with Sentenial and their extensive product set eases the pressures for Commerzbank FI customers. The product greatly assists the transition to SEPA while remaining extremely cost effective.’
SEPA regulation direct plus offers a high value, low risk SEPA direct debit service. This allows customers to take full advantage of the Hosted offering, eliminating the cost and lengthily process associated with on-site installations. This hosted system also allows instant access for all customers through a customized GUI, where full visibility and management of all transactions is readily available.
Sean Fitzgerald, CEO, Sentenial, ‘The attitude of Commerzbank to its customers is aligned with Sentenial’s – that it is important to assist the customer with SEPA. As Commerzbank is the first German Banking Institution to come on board with Sentenial this is an exciting time because visible demand from their end-customers is already evident.’
Commerzbank have given its FI clients the tools to allow their organisations to make the most of the SEPA regulation without the anticipated costs, high workload or lengthily time frames.