The new European requirements of the Single Euro Payments Area (SEPA) have introduced across the Eurozone new payment instruments - SEPA credit transfers and SEPA direct debits.
With SEPA credit transfers (SCT) and SEPA direct debits (SDD) already in production, and end dates for the migration from legacy instruments looming, banks are working hard to meet the new regulations and offer value-added services, while minimising the investment required.
Meanwhile the SEPA Cards Framework (SCF) provides high level principles and rules for for schemes, banks, and processors to enable European customers to use general purpose cards to make payments and cash withdrawals in Euro throughout the SEPA area with the same ease, convenience and method as domestically. The SCF mandated the use of EMV to cut cross-border card fraud and the rollout is still in process a number of countries.
ACI Money Transfer System
ACI Money Transfer System meets fully the requirements of SCTs and SDDs and offers banks flexibility to differentiate their SEPA offering from that of their competitors. It supports the ISO 20022 XML standards defined by the European Payments Council (EPC) Rulebooks and in compliance with the European Banking Association (EBA) STEP2 interface specifications. Additional support is offered for other European Clearing & Settlement Mechanisms (CSMs), which propose to provide SEPA-compliant payments processing.