Clear2pay and IBM launch SEPA Testing Tool

Clear2Pay and IBM have together launched a 'SEPA Testing Tool' that can help financial institutions with the migration to SEPA. The tool supports banks and other financial institutions with standardizing SEPA testing and ensuring compliance with SEPA regulation. Clear2Pay offers the SEPA and process framework, IBM delivers the technology.

Testing before launch

On the February the 1st, 2014, SEPA (Single Euro Payments Area) also started delivering inland payments. This change has far reaching consequences for financial institutions. Prior to the launch, companies will have to ensure that their payments processes are 'SEPA-proof’. As a result, thorough testing of the new processes and systems, such as SEPA Direct Debit Mandate Management, SEPA Direct Debit, SEPA Credit transfer and automated R-transactions, will be essential.

SEPA Testing Tool

The SEPA Testing Tool works as follows. A customer sends the transaction to the SEPA Testing Tool. The tool then performs several automated validation steps: it checks the payment transaction files, validates the data according to SEPA regulations and according to any bank specific rules such as XML-versions or algorithms for BIC/IBAN determination. R-transactions are simulated and these are sent to the ERP system(s) of customers to ensure compliance. The tool is designed in such a way that client-specific checks can be included.