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"Swiss-made? direct debits for Europe - SIX Group launches new SEPA service for the European market
Zurich/Frankfurt, Germany (ots) - SIX Group, the Swiss financial market infrastructure provider, will offer a SEPA-compatible direct debit service in cooperation with the SECB Swiss Euro Clearing Bank, Frankfurt, starting November 2, 2009. The offer is aimed at financial institutions in Switzerland and 30 other countries within the Single Euro Payments Area (SEPA) that would like to offer their customers the option of collecting standardized euro direct debits throughout Europe.
The new joint service package was developed by SIX Interbank Clearing and SIX Paynet together with the SECB on behalf of the Swiss financial center and with the participation of Swiss financial institutions. The service provides financial institutions of all sizes the option of outsourcing the processing of SEPA direct debits. SIX Group and the SECB provide the technical requirements for the rule-confirming processing of SEPA direct debits throughout Europe. This means that financial institutions throughout the SEPA zone can introduce euro direct debits for their customers easily, quickly and inexpensively without having to make expensive adaptations to their internal payment traffic infrastructure (e.g. e- banking applications).
Background to SEPA
The European Union and the European Central Bank are pushing ahead with the creation of the Single Euro Payments Area (SEPA). Concomitantly, legal frameworks and technical standards for the settlement of cashless payment transactions are being harmonized. These efforts aim to make the euro zone markets freer and more open.
The first milestone was set by the European Payments Council (EPC) with the introduction of SEPA credit transfers in 31 European countries, including Switzerland and Liechtenstein, in January 2008. SEPA direct debits will be launched in November 2009, with SEPA card payments to follow in 2010.
ots Originaltext: SIX Interbank Clearing AG