Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Travelcard selects UPSS to meet EU legislation for direct debit mandates and SEPA ahead of looming February deadline

Global Banking And Finance 1 News

National fuel card provider in the Netherlands outsources its enterprise customers’ direct debit mandate management to Unisys subsidiary.

Travelcard selects UPSS to meet EU legislation for direct debit mandates and SEPA ahead of looming February deadline.
 
National fuel card provider in the Netherlands outsources its enterprise customers’ direct debit mandate management to Unisys subsidiary as the EU calls for more action around SEPA compliance.

Unisys Payment Services and Solutions (UPSS), a Dutch subsidiary of Unisys Corporation that delivers outsourced payment services for Dutch and Belgian banks, has announced that it has been selected by Travelcard, a national provider of fuel cards to the Dutch enterprise market, to assist Travelcard with its Single Euro Payment Area (SEPA) compliance processes for all enterprise customer registrations and direct debit mandates.
 
Travelcard is accepted by every filling station in the Netherlands and a further 33,000 filling stations across Continental Europe. The company has thousands of enterprise customers in the Netherlands, whose direct debit payments need to comply with the new SEPA regulations.
 
The news of Travelcard’s direct debit mandate compliance for SEPA comes at a time when the Council of the European Union has called on member states, banks and end users to increase their efforts to meet the migration deadline in February 2014 amid concerns many organisations are leaving compliance measures for SEPA too late, leaving them exposed to the risk of payments problems and penalties post-deadline.
 
As of 1 February 2014, the use of local debt collection schemes will no longer be possible for enterprise customers as national schemes will be replaced by the compulsory SEPA Direct Debit (SDD) Scheme in the SEPA countries (the 27 EU member states and Iceland, Liechtenstein, Norway, Switzerland and Monaco). Debt collectors are allowed to continue the use of current direct debit mandates for collections from consumer bank accounts, but debt collection from business-to-business (B2B) will require new direct debit mandates to be filled out and signed by the debtor.
 
The Travelcard solution from UPSS
Based on Travelcard data, UPSS will produce mandate requests which will be sent to customers to be signed and returned to UPSS’ service centre in Leusden. UPSS then converts this print mandate into an electronic mandate and sends the electronic version to Travelcard in CSV format. UPSS also informs the customer’s bank  of the new payment details and the mandatory registration of the mandate. UPSS takes care of the process from the design of the mandate documents to the registration in the mandate database and the provision of all mandate data necessary for the FIRST collection file in XML format (XML 20022) by Travelcard; this file is created by UPSS  using PAIN 008 records.
 
“To take this in-house would represent a very labour- and cost-intensive project. We are therefore very pleased with the system and service developed by UPSS and their cooperation in this project”, says René Koek, CFO at Travelcard.

 

 

 

 

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post