The RBS SEPA Accelerator is now available. The new solution aims to help clients quickly and cost-effectively migrate to mandatory SEPA standards.

Steve Everett, global head of cash management, RBS, comments: “Although all large corporates are well informed of the compulsory 1 February 2014 deadline for SEPA, it is clear from Eurofinance survey that more than 52 per cent of regionally-organised enterprises have yet to finalise and implement their migration project. This is further evidenced by the 30 per cent and 5 per cent market penetration for SEPA credit transfers and SEPA direct debits instruments respectively across the entire Eurozone as at end of 2012, according to the European Central Bank.”

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, to ensure that their internal standardisation projects are appropriately funded, without time and expertise pressure. For a corporate implementing SEPA XML file format to their systems, SEPA Accelerator has a feature which allows a corporate to independently initiate, monitor and amend file testing, validation and end-to-end simulation. This ensures that a corporate can quickly self-test their SEPA readiness, saving rejection costs and negotiation with their bank and ERP provider.

Vanessa Manning, head of payments EMEA, RBS, says: “RBS helps our clients to simplify the complexity SEPA regulation brings to their operations and costs related to it. We are confident that SEPA Accelerator responds to client demand to comply with, and take advantage of, the regulation as it provides end-to-end SEPA migration services, rapid implementation times and reduced project lead time and spend.”

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