Dresdner Kleinwort, the investment banking arm of Dresdner Bank, has become the first European bank to connect to the new cross-border payment transaction platform of the European Banking Association, compliant with single euro payment area standards, for an initial test phase.
The European Banking Association (EBA) platform has been designed to adapt cross-border payment transactions in the Eurozone to the improved conditions of the single euro payment area (Sepa), which will be implemented at the start of 2008.
Following the integration of Dresdner’s cash management activities into Dresdner Kleinwort, the investment bank is now leading the Sepa project for the whole of Dresdner Bank.
Dresdner Kleinwort sees the standardization of European payment transactions as a big opportunity for its clients and as a result, has pledged its support to the Sepa initiative. By signing up to this program as a pro-active participant, it hopes to help create the conditions for the pre-testing. Further banks will be involved in the next pilot phase.
Sepa gives our clients excellent opportunities to further optimize their European cash management, said Manfred Fleckenstein, head of global cash management at Dresdner Kleinwort. Additionally, Dresdner Kleinwort plans to offer the Sepa services to other financial institutions; another reason behind its interest in early implementation.