Logica, a business and technology service company, has launched Logica Mandate Management, a new solution that enables banks in the Eurozone to deliver mandate management services for SEPA Direct Debit (SDD) payments to their corporate clients.
Based on the Logica All Payments Solution (LAPS), Logica Mandate Management provides a single platform for both creditor and debtor mandates.
The solution will be delivered through a ‘pay-as-you-grow’ license model and automates the entire lifecycle of all SDDs and it can be deployed in less than two months.
The solution integrates with a bank’s corporate services environment, effectively connecting with front-end systems, scanning services and with any corporate back-end ERP or billing system.
The functionality of the solution includes automatic upload of mandates, monitoring of expiration dates, BIC/IBAN conversions, flexible workflow and a debtor mandate database.
With this solution, the banks can also use it to provide enhanced services to personal customers such as accessing mandates through e-banking.
Through, Logica Mandate Management banks can take advantage of SDDs and comply with European Payment Council requirements.
The solution also helps corporates optimize cash management by standardizing cash collection and specifying debit dates.
Logica Global Products Corporate Services Business director Garry Young said that SEPA is a catalyst for change, which will see corporates further reducing their banking relationships, as they seek to optimize cash management.