Is there still money in your payments business?

Chances are there is. Talk to the company that can help you innovate.

Payments 

"When looking for a SEPA solution, it was important for the bank to identify a partner that could help us in establishing a common and future-oriented solution for the entire bank group, enabling us to proactively respond to market requirements."


Elisabeth Johnson, head of Clearing and Settlement, Swedbank 

Tieto solutions run over 70% of all SEPA and SWIFT transactions in the Nordic countries, giving banks a single messaging platform for international and SEPA as well as national payments. Through our innovative solutions and services we enable banks to generate new revenue streams through new services with an improved customer experience while at the same time reducing the bank’s operational costs.

Is the creation of the Single Euro Payment Area (SEPA) just a necessary evil that banks must comply with to create a harmonized, open and interoperable payments market? Or is it something more – a chance for them to innovate, modernize and show they are ready for action?

One thing’s for sure: SEPA means payments will be commoditized and payment processing must be speeded up and made cheaper. It’s a radical change for the industry, but one that’s being embraced by those with ambitions to position themselves for future opportunities.

Banks know they must change. The fragmented European banking market combined with the rise of new market entrants is putting traditional finance firms under pressure. To survive they must become more efficient and innovative.

In the quest for greater efficiency, banks are handing payment tasks to payment processing partners and bureaus. But that doesn’t mean they can’t make money from this part of their business. The rich client data generated by efficient payments handling supports interactive services such as cash management, e-invoicing and supplier financing.

But that’s not all. With access to high-quality real-time information, banks can meet the demands of their corporate customer segment.

Swedbank is among the more than 100 banks that have turned to Tieto for help to cope with the demands and opportunities of SEPA Credit Transfers. The two firms have worked together to establish a common SEPA infrastructure for the entire Swedbank Group. The end result is a system that means Swedbank is fully compliant with the SEPA requirements and the European Bank Association’s STEP2 SEPA Credit Transfer (SCT) clearing service and SEPA Credit Transfers.

Taking a proactive stance has helped the bank to position itself to take advantage of the opportunities that SEPA brings, enabling it to demonstrate that it is an early adopter of a SEPA-compliant solution on a group-wide basis.

Results in brief:

  • Fully compliant with SEPA
  • Ready for European Bank Association’s STEP2 SCT clearing service
  • Promoted the bank as an early adopter of a compliant solution group wide