HSBC has selected technology from Dovetail for its European volume payments system as it prepares for the upcoming Sepa migration deadline.
Following protracted negotiations, European authorities recently, finally, set an end-date of 1 February 2014 for banks to migrate to Sepa instruments.
HSBC says that now this issue has been settled, customers are looking at how they can rationalise and streamline their payments operations in the Eurozone in the post-end-date world.
The banking giant is preparing with Dovetail's payment services hub, which will process Sepa credit transfers and direct debits as well as automatically manage both debtor and creditor mandates for 11 countries.
Martin Coen, CEO, Dovetail, says: "Dovetail's proven productised approach and scalable modern architecture means we can tailor both the product and the processing capability to meet HSBC's operational needs today, as well as their strategic needs and anticipated growth in the future."