Cost-effective solution for banks to comply with with SEPA regulations

In search of assisting banks and financial institutions to achieve significant increases in STP rates and dramatically reduce the costs of payment handling errors related to converting large numbers of accounts, direct debits and payments data to the IBAN format to comply with SEPA regulation Petra Financial, a leading provider of payments data automation software set a deal with Neptune Software, a top 10 international banking and financial services solutions provider.

Under the terms of the deal Petra Financial's Vortex solution will be integrated into Neptune’s Rubikon banking solution while both parties leverage their sales and delivery networks by extending each others reach.

"We are delighted to have concluded these agreements with Neptune that will allow both of us to focus directly on our core businesses whilst bringing a significant benefit and value to our joint customers. The synergies are excellent as both our combined solutions deliver an innovative and flexible compelling proposition that achieves real cost savings within weeks of implementation," notes John Burton, Marketing Director of Petra Financial.

The integration of Vortex Software which uses CB.Net reference data into Rubikon's SOA Java-based architecture is intended to deliver IBAN/BBAN/BIC validation functionality through Vortex.