Toronto, ON, Canada – February 17, 2014: Strategic Information Technology Ltd. ("SIT") is pleased to announce that Single Euro Payments Area (“SEPA”) functionality is available for financial institutions and non-financial institutions using Portfolio Plus.
“We’re committed to global expansion of our business, and SEPA functionality is a demonstration of that commitment,” said G. Robert Leeming, President of SIT. “We’ve created a comprehensive solution for banks and other non-banking institutions to comply with the SEPA requirements.”
SEPA is a payment integration initiative of the European Union (EU) for the simplification of bank transfers denominated in euros. As of February 2014, SEPA consists of the 28 EU member states, the four members of the European Free Trade Association (EFTA) (Iceland, Liechtenstein, Norway and Switzerland), Monaco, and San Marino.
By February 2016, consumers must drop Business Identifier Code (BIC) sorting information for SEPA transactions, since it will be derived from the International Bank Account Number (IBAN) for all banks in the SEPA area.
SIT, formed in 1988, develops and markets Portfolio Plus, which is used by financial companies in Canada, the UK, Ireland, and the Caribbean. SIT's banking software enables credit unions, banks, trust companies, and credit companies to offer web banking, mortgages, loans, credit, investments, term deposits, retail, floor plan management, and more. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.
SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.
For more information:
Strategic Information Technology
Telephone: 905-640-0808 x356
Questions? We have answers.
This page was created or refreshed on September 14, 2017 @ 12:44:57
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: SEPA Banking