The Royal Bank of Scotland (RBS) has launched
Single Euro Payments Area (SEPA) Direct Debits via its online
banking service for UK clients.
Upon migrating to SDD organisation no longer
require multiple bank accounts or a range of complex payment
instruments to make cross-border collections across Europe.
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SDD origination enables customers to benefit
from the automation of their collection processes so less manual
intervention is required, working capital optimisation as funds are
required more quickly, enhanced control over the ability to upload,
authorise and track the status of all collections online and
payment and payment simplification through an automatic currency
conversion service.
“The RBS team has worked closely with
businesses to provide innovative, automated solutions that allow
for business expansion and provide massive efficiencies in
cross-border trading and improved working capital management
processes,” said Wilco Dado, head of global payments, global
transaction services, at RBS.
“Our customers can now benefit from enhanced
cash flow control, account consolidation, improved reconciliation
and streamlined business processes across Europe as we continue to
roll out our SEPA solutions.”
Over the past six months, RBS has worked
closely with various clients to bring this solution to market. One
such client was BACS processing company Harlands Services, which
has seeking expansion opportunities across Europe for some
time. Until SEPA, trading in any country other than the UK
meant that they would need to adopt the legacy SEPA Direct Debits’
processing system in each country, which was deemed to be
operationally inefficient and limited business expansion plans.
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