Payments General

CGI, Experian to address SEPA payments across Europe

Tuesday 19 March 2013 | 08:34 AM CET

CGI Group, a provider of information technology and business process services, and global information services company Experian have joined forces to help corporates migrate direct debits to meet the requirements of the Single Euro Payments Area (SEPA).

Under the terms of the deal, CGI will offer Experian's pan-European bank account data validation services to maximise straight-through-processing rates for corporates migrating to SEPA direct debit (SDD) using CGI’s portfolio of SEPA solutions.

In Europe more than 4 billion direct debit mandates will need to be migrated to SEPA standards. Businesses using domestic systems and account numbers must convert to the international standards of IBAN and BIC by February 2014 for all transactions in the Eurozone.

Inaccurate, out-of-date account information will be a major issue for corporates migrating to SEPA standards. Poor quality data risks imposing additional costs on businesses and for many could result in collection failures and penalties. Whilst today many banks provide exception handling free of charge, with SEPA the expectation is that they will not be able to do this and corporates will risk payment failure and the associated costs. Recent research from Experian suggests this could be up to 12 percent of all transactions. With an estimated cost of payment failure at EUR 50 per transaction, a corporate with 100,000 records could expect to register a cost of failure of EUR 600,000 per monthly transaction cycle.

Experian allows businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also provides individuals with the ability to check their credit report and credit score and protect against identity theft. CGI was founded in 1976 as a provider of business and IT consulting services, systems integration, application development and maintenance, infrastructure management as well as proprietary solutions.
 

Print | Contact editor | Mail
© 2014 The Paypers
More: Abstract

This Month

Next Month

02 Apr 2014   AITEC Southern Africa ICT Summit
03 Apr 2014   How to Use KPIs to Improve your Accounts Payable Efficiency
06 Apr 2014   NACHA Payments 2014
07 Apr 2014   9th Annual Middle East Retail Banking Forum
07 Apr 2014   15th Annual Commercial Card and Payment Conference
07 Apr 2014   Home Delivery World
07 Apr 2014   Inside Bitcoins - the future of virtual currency
07 Apr 2014   Mobile Money Americas
07 Apr 2014   Inside Bitcoins - the future of virtual currency
07 Apr 2014   Chief Procurement Officer Summit
08 Apr 2014   MVNOs World Congress
08 Apr 2014   3rd Annual Customer Experience Management in Banking Summit
08 Apr 2014   Mondato Summit Europe
08 Apr 2014   ETA Annual Meeting & Expo 2014
08 Apr 2014   IFINTEC International Finance Technologies Conference and Exhibition
09 Apr 2014   4th Annual Latin America Trade & Commodity Finance Conference
09 Apr 2014   11th Annual Accounts Payable and Procurement Transformation Summit Asia
09 Apr 2014   SAP Conference for Financial Shared Services
10 Apr 2014   The 4th Cloud And Big Data Summit
11 Apr 2014   Bitcoin Expo 2014
12 Apr 2014   Hitmeister e-Commerce Day
15 Apr 2014   Netherlands' Customer Festival
15 Apr 2014   Cash, Treasury & Risk Management in Turkey
17 Apr 2014   8th Annual Prepaid Expo Europe 2014
20 Apr 2014   our Big Data and Analytics for Banking Summit
22 Apr 2014   Wima Monaco - NFC & Proximity Solutions
23 Apr 2014   Future Bank Asia
23 Apr 2014   The Cash Handling Show Asia
23 Apr 2014   The Retail World Asia
23 Apr 2014   RFID World Asia
23 Apr 2014   Digital ID World Asia
23 Apr 2014   The Digital Signage World Asia
23 Apr 2014   Near Field Communication World Asia 2014
23 Apr 2014   The Internet Show Asia
23 Apr 2014   Ecommerce Show Asia
23 Apr 2014   10th Annual Trade & Supply Chain Seminar
23 Apr 2014   Cards & Payments Asia 2014
23 Apr 2014   The Mobile Show Asia 2014
23 Apr 2014   Cards & Payments Asia 2014
23 Apr 2014   Cards & Payments Asia 2014
24 Apr 2014   China Retail Focus 2014
24 Apr 2014   4th Annual Indonesia Trade & Commodity Finance Conference
24 Apr 2014   M2M World Congress
29 Apr 2014   Total Payments Mexico
29 Apr 2014   Big Data World Mexico
29 Apr 2014   Loyalty World Mexico
29 Apr 2014   FinovateSpring
29 Apr 2014   Money Transfer Dubai