Single Euro Payments Area (SEPA)

SEPA Initiative Requires Superior Data Services Tools

Financial organizations across Europe are in the process of transforming systems and processes in preparation for the Single Euro Payments Area (SEPA) initiative. The SEPA vision sees all citizens, companies and other economic actors with the ability to make and receive payments throughout the European Union from a single bank account, as easily and safely as they can within their own country today. Financial institutions are mandated to support the SEPA initiative. In order to comply, institutions require superior data services tools, and The Progress RBI Suite provides them robust integration with the SEPA Standards Library.

The Progress RBI Suite adds a level of abstraction above SEPA metadata. The Library includes pre-implemented SEPA models, validation rules, and libraries of test cases financial organizations can use to quickly comply with the SEPA mandate. The Library provides a service-level guarantee and updates when the standards change in order to mitigate consumer risk from the volatility of the SEPA and ISO20022 standards. 

Progress RBI Suite Enables Easier SEPA Compliance 

The SEPA Standards Library provides access to a collection of components and services for the SEPA messaging user. The Library includes: 

• Implementation of the data model—the SEPA schema and validation rules. 
• A comprehensive library of valid and invalid test instance documents to reduce the time to test derivative implementations. 
• Maintenance service agreement that the implementation will be maintained in sync with the published standards.

Validation rules are expressed as XPath constraints that are compiled into the Java code components derived from the SEPA data model. Any SEPA instance document can then be validated for schema compliance, adherence to the validation rules, or as a precursor to a semantic transformation to some other arbitrary format.

In addition to supporting the SEPA standards, Progress Software also supports other industry standards such as CORBA, JMS, FpML and more. We also provide products and solutions for enterprise application integration (EAI), algorithmic trading, IT modernization, enterprise service bus, as well as a complete SOA infrastructure portfolio.