HSBC implements SEPA payments hub

HSBC is implementing a system from Dovetail, in order to process SEPA payments.

Last month, it was agreed that all companies making payments across the Eurozone must adopt SEPA, the Single European Payments Area initiative aimed at improving cross-border payments, by 2014.

HSBC said it will use the Dovetail Payment Services Hub for its volume payments system, handling credit transfers and direct debits under SEPA.

The system will cover 11 countries, and will also manage debtor and creditor mandates.

Dovetail said that with the certainty of the SEPA end-dates "now in sight", HSBC's customers were looking at how to streamline their payments operations in the Eurozone. This project would aid them with better clearing services, it said.

The product was scalable to HSBC's operational needs, Dovetail said.

Copyright © 2012 IDG Communications, Inc.

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