Crédit Agricole Group signs agreement with CSC to manage SEPA-compliant direct debits
News Release -- January 08, 2013
La Défense, Paris, France, January 8, 2013 - Crédit Agricole Group has signed an industrial and commercial agreement with CSC to provide a new service to the bank’s corporate clients that will enable them to manage their SEPA (Single Euro Payments Area) direct debits (SDD). This new service, MandateWAY, will be available in all the bank’s subsidiaries, including the networks of Caisses Régionales, LCL and Crédit Agricole CIB.
An offering launched in the framework of European regulations on payment services
This service offering makes it possible for Credit Agricole and its subsidiaries to respond to the new SEPA framework and the European directive on payment services. As of February 1st, 2014, only SEPA direct debits can be handled within the European area. Pursuant to this directive, the management of SEPA mandates is no longer the responsibility of banks, but is now the responsibility of issuing companies.
A comprehensive offering for corporate clients
Issuing companies will benefit from a complete offering covering the entire lifecycle of SEPA direct debits, and will gain access to various services, ranging from the creation and management of mandates (electronic, paper based, recoveries of current direct debit requests, etc.) to the production and issuing of SEPA-compliant direct debits.
These new services facilitate companies’ transition to the SEPA direct debit model, as well as their efforts to comply with new regulatory obligations. Companies will also benefit from the advantages brought by new payment instruments (new clients, sales development, increased market share throughout the SEPA zone, etc.). The services are accessible in a SaaS (Software as a Service) model using CSC’s MandateWAY solution hosted in CSC’s datacentres.
The corporate segment is a strategic market for the Crédit Agricole Group, because it makes a major contribution to volume growth in its payments business. These innovative services will enable the group to continue to support its enterprise clients in the management of financial flows.
About Crédit Agricole Group
The Crédit Agricole Group is market leader in customer centric universal banking in France and one of the largest banks in Europe.
With operations in 50 countries, the Crédit Agricole Group is a leading partner in supporting clients with their projects in all areas of retail banking and associated specialised business lines: day-to-day banking, savings, home and consumer loans, insurance, private banking, asset management, leasing and factoring, and corporate and investment banking. On the strength of its cooperative and mutualist foundations, the Crédit Agricole Group’s expansion is underpinned by balanced growth serving the real economy and respecting the interests of its 54 million clients, 1.2 million shareholders, 6.5 million cooperative shareholders and of its 160,000 employees.
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CSC is a global leader in providing technology-enabled business solutions and services. Headquartered in Falls Church, Va., CSC has approximately 95,000 employees and reported revenue of $15.7 billion for the 12 months ended September 28, 2012. For more information, visit the company’s website at www.csc.com.
For corporate European creditors who must comply with the Single European Payments Area (SEPA) and the Payments Services Directive (PSD) regulatory initiatives, manage cross-border payments, and reduce costs, CSC’s MandateWAY SEPA Direct Debit (SDD) offering provides clients with a centralised platform to manage SDD and mandates. MandateWAY minimises the effort necessary to become SEPA compliant. CSC’s MandateWAY solution is offered as Software as a Service (SaaS) or on-premise, and is reinforced by a strong European presence that enables CSC to fulfill specific local customer requirements while deploying a platform on a European scale. As a result, MandateWAY improves payments business efficiency and profitability, streamlines payments processes, and rationalises cross-border systems.
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