Omikron’s new solution suite eases the transition to SEPA

The aim of the Single Euro Payment Area (SEPA) is that Credit Transfers and Direct Debits can be processed quickly, easily and cost-effectively throughout the European payment area. The relevant EU authorities have now completed their discussion on SEPA migration, resulting in a clear decision : by 1st February 2014, all national domestic payment formats for Euro transactions in the SEPA area are to be replaced by SEPA processes.

To facilitate the transition to SEPA, Omikron provides a comprehensive suite of solutions covering all related requirements. By directly and automatically converting legacy file formats, Omikron’s new migration and conversion tools make the switch to the SEPA process easy. Omikron’s SEPA Orders module allows users to key and work with Credit Transfers and Direct Debits according to the SEPA specification. These functions can also be extended by special modules for managing SEPA Direct Debit mandates and for checking files from third-party applications. As a result, each corporate can choose the right solutions for its individual requirements, adapted to its existing Electronic Banking landscape and payment workflows.

Omikron’s SEPA solution suite consists of the following components :

  • The SEPA File Checker validates SEPA files from third-party applications, providing an on-screen display with error messages and a detailed test log
  • The SEPA Migration Tool enables all necessary details (orders and reference data such as banks, accounts, partners) to be taken over from local country payment modules to the SEPA Orders module (including the conversion of BIC / IBAN, where needed)
  • The SEPA Orders module is used for keying and working with SEPA payments and direct debits as well as for importing transactions from third-party systems
  • The SEPA Mandate Admin Plus supports the set-up and maintenance of the mandates needed for SEPA Direct Debits and incudes a detailed mandate history for later review
  • SEPA Converters convert payment files from national formats into SEPA formats, enriching the contents with additional details needed for SEPA processing as and when required
  • The module XML Account Information and Returns integrates the new standard formats for balance and transactions details and returns into the MultiCash products

Alongside the European Payment Council (EPC) standard, all Omikron’s SEPA products consistently support all known national SEPA variants. The modular design results in a high level of flexibility, allowing the products to be combined and used as required. In all standard cases, these products can be easily installed and directly put to use. For more complex scenarios, Omikron provides a full set of services, ranging from consultancy to implementation and support for daily operations. In addition, Omikron updates all products to comply with the latest published EPC specifications in due time. This ensures that Omikron solutions are wise investments and open for further developments.