Volante Technologies has launched a single euro payments area (Sepa) accelerator, which will help clients migrate to Sepa standards of messages and business practices.

The accelerator includes support for the multiple standards that may be required for data integration purposes and transformation systems such as, ISO 20022, CGI, IDOC, Swift Fin message types 1xx, 2xx, 9xx series, Edifact and also supports varying volumes and preferred connectivity routes via SwiftNet, SAP FSN or electronic banking internet communication standards.

The accelerator also supports banks and corporates that are using their own individual systems, Fiona Hamilton, vice-president, Emea, of Volante, tells GTR.

Organisations using Swift can implement the project much faster, in a few weeks, because they can use the off the shelf mappings, whereas a proprietary system would take longer to implement, she adds.

Support for data systems using XML, CSV, FixedWidth and Cobol copybook is also provided with the accelerator.
It also eliminates the need for hand-coding and message creation for notification and data management functions, such as validation, data cleansing and updates to databases, can be automatically generated for any platform.

“We can dramatically speed-up compliancy rates for all corporates and banks; from those using Sage and Microsoft QuickBooks to those using SAP and Oracle which enables all such organisation types to avoid the excessive costs of bank transformation charges,” Hamilton comments.

The deadline for Sepa compliance for eurozone countries, which is mandatory, is February 1, 2014, and corporates or banks that have not complied by that time may incur fines or have to implement a short-term costly transformations service.