Bank of America Merrill Lynch To Launch SEPA Direct Debits

Published: 27-Oct-2009

Enables the cross-border collection and payment of Euro direct debit transactions under a consolidated set of rules and processes

Bank of America Merrill Lynch is all set to launch SEPA Direct Debits (SDD) on 2 November 2009. It is expected to provide clients with upgraded receivables management across 32 European countries. SDD enables the cross-border collection and payment of Euro direct debit transactions under a consolidated set of rules and processes, providing clients with an easier and effective way to conduct business in Europe.

Through SDD, clients will benefit from standardised charges and transaction cycle times. The client reporting feature will allow them to differentiate their SEPA transactions. SDD will be available to financial institutions and corporate clients through two schemes, core and business-to-business. Bank of America Merrill Lynch said that it is offering SDD products and services in advance of its adherence deadline because of the importance and benefits to the bank's clients.

Nick Diamond, executive of EMEA treasury product delivery at the bank, said: "Bank of America Merrill Lynch recognises the advantages of centralising and standardising high volume payables and receivables, and we're very pleased to roll this out to our clients early so that they can reap the benefits of SDD products now. Through SDD, financial institutions and corporates have the opportunity to become more efficient and competitive in their markets."

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