Deutsche Bank and Logica team up

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Strategic Finance
Written by Paul Williams   
Tuesday, 12 May 2009

Bank and IT services company to launch outsourced solution for SEPA direct debits.

 

Deutsche Bank (NYSE:DB) and Logica (LON:LOG) have announced a partnership that will add an outsourced offering to the SEPA Direct Debit market place.

Deutsche Bank's Global Transaction Banking (GTB) division is already a provider of clearing and settlement solutions across all major currencies.

The GTB devision will partner with Logica's All Payments Solution (LAPS).

Deutsche Bank will combine a new SEPA Connector offering with its existing, market leading SEPA processing solutions to provide its financial institution clients with low cost 'plug and play' SEPA functionality.

The SEPA Connector will initially be targeted at debtor banks requiring a solution for complying with mandatory SDD reachability requirements in readiness for the November 2010 deadline, but also supports SEPA Credit Transfers (SCT).

In the first phase of this partnership, the SEPA Connector will enable debtor banks to view SDD transactions, manage rejects and returns, as well as upload files for further validation and processing.

Deutsche Bank will also provide connectivity to EBA Clearing and its bilateral partners.

The combined offering is available now and will be demonstrated at the International Payments Summit today in London.

Nigel Turner, Business Development Director, Payments at Logica, commented:

"The parallels between Deutsche Bank and Logica in terms of SEPA progression make this partnership a powerful move. With regulatory pressure mounting and the business drivers becoming more apparent, the attraction of outsourced SEPA services will increase. The SEPA Connector enables banks to achieve SEPA reachability without having to make immediate major investment in infrastructure - giving them more time to plan for payments transformation. Having achieved economies of scope and scale, Deutsche Bank is well-positioned to deliver this service using our high volume payments hub, which has the necessary flexibility to support outsource models. We look forward to working together."

 

 
 
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