SEPA Compliance
Automate Payments Message Development and Maintenance
If you need to reduce operational costs, comply with new regulations and improve straight-through processing (STP) efficiencies, then it is likely that payments modernization has become a top priority. Programs such as the Single European Payments Area (SEPA) and the European Payments Services Directive (PSD) are mandating the use of new messaging standards for payments, putting increased pressure on existing IT systems.
The Progress SEPA Compliance solution, powered by our data interoperability solutions, streamlines payments processes with financial messaging data interoperability tools. These tools come with pre-built and maintained standards libraries for SEPA, ISO 20022, SWIFT, TARGET, STEP2, and legacy national ACH formats.
Using Progress SEPA Compliance, you can automate payments message development and maintenance processes. Rather than spending precious resources on continual management and maintenance of existing systems, resources can focus on new strategic projects and customer satisfaction and retention initiatives.
You will also be able to:
- Complete messaging projects on schedule. Using model-driven tools and pre-built financial standards data models, your team eliminates the inefficiencies of hand-coding messages, validation rules and test cases.
- Streamline yearly messaging updates. Message formats change yearly, such as SWIFT MTs. A technology investment today brings significant savings each year. By in-sourcing messaging standards updates from Progress, change management is simplified.
- Reduce risks associated with failed transactions. With higher rates of automation and vastly improved data quality, errors are reduced along with the associated repair costs, leading to reductions in operational risk and reputation risk.
Over 60 leading financial institutions outsource the management and maintenance of SWIFT standards to Progress Software, including wholesale banks, central banks, buy-side and sell-side firms, industry utilities and independent software vendors (ISVs).
