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Euro area in which all payments are domestic, where
all current differentiation between national and cross
border payments no longer exists
An assumption made by Banks is that the benefits of
SEPA will be derived mainly from reduction in the Banking
fees, however SEPA will not only affect the revenue
side of the payment business but also improves the cost
side.
SEPA solutions are customized to every Corporate, Financial
institution, public administration etc.
Under SEPA, the citizens and companies can make payments
throughout the whole euro area as efficiently and safely
as in the national context, by using one payment account
and one set of standardized instruments.
The Standard application reduces the implementation
risk and Future operational cost.
SEPA reduces the Cost of compliance through Centralized
European wide payments
Recoup potential lost revenue on cross border payments.
Promoting the single European wide strategy in to multi
domestic markets.
Builds progress in Business processes without heavy
infrastructure redesigns.
SEPA benefits consumers, Corporate, Public administrations
etc, through
- Common Standards,
- More option s for making payments,
- One account serves all Europe,
- Transparency and clarity of charges,
- Common processes with reduced
costs/complexity
- Value
added services
The payments Suite offered by Object Frontier is entirely
built on Service Oriented Architecture (SOA) delivering
the services comprising of a comprehensive data model,
security, audit, payment business processes, cost based
routing and many more. The payment suite provides straight
through processing (STP) for payment messages across various
host systems like CBS, Treasury etc. As it is user-friendly,
it comes with a browser based intuitive screen design
with easily navigable menu options.
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