TietoEnator has entered into a partnership with direct debit process solutions supplier Sentenial to deploy Sentenial’s EuroDebit as a part of its total offering for Sepa direct debits to financial institutions.
These combined solutions will enable financial institutions (FIs) to handle direct debits both nationally and internationally, and will be fully Sepa-compliant. Banks need to address the issue of how their direct debit mechanisms will be Sepa-enabled by 2008.
Sentenial’s EuroDebit will easily be adapted to complement TietoEnator’s processing engine for Direct Debits in an FI environment, TietoEnator said. The company also stated that EuroDebit will, in combination with TietoEnator’s Direct Debit engine, offer an end-to-end solution allowing FIs and their customers to make significant cost savings and increased revenues from value-added services associated with direct debit payments.
Financial Institutions are not addressing how they will practically internationalize their direct debit payment processes. With the Sepa 2008 deadline less than 14 months away, FIs must look to urgently source, plan and implement a Sepa-compliant solution, Sean Fitzgerald, CEO of Sentenial, commented. Sentenial’s partnership with TietoEnator will give FIs a robust solution with a flexible implementation plan allowing FIs to extract more value from their Sepa compliance investment.