Mandate Management Service

The new SEPA Direct Debit presents banks and businesses with a significant challenge and from November 2009 the Payment Services Directive (PSD) comes into effect across Europe. In addition, banks and businesses must store electronic copies of direct debit mandates and all direct debit collections must be validated against them.  Other planned changes to SEPA Direct Debit scheme, such as the introduction of electronic mandate issuing add to the complexity of the task for affected banks and businesses.

VocaLink takes the cost and complexity out of electronic payments, making it simpler, cheaper and easier for banks to manage their payments businesses. This, in turn, allows them to offer simpler, more competitively priced services to businesses and consumers.  VocaLink has developed a Mandate Management Service that gives banks an ideal solution, based on its three greatest strengths - economies of scale, expertise and innovation. The service can be deployed easily, with minimum impact on existing bank operations. It can be rolled out to corporate customers so banks can offer mandate hosting for businesses, giving businesses and consumers rights to access and amend their mandates online.  Banks need not worry about maintaining their service in compliance with SEPA rulebooks when they change. VocaLink keeps its service running reliably, efficiently and in line with EPC rulebooks, removing additional cost burdens from its customers.

To find out more about the VocaLink Mandate Management service, click here to download the VocaLink MMS product sheet.