By Carolyn Cozart on Feb 14, 2013
A new feature has been delivered in Cash Management 9.1 to support EBICS transfer protocol and enhance SEPA compliance in Europe.
SEPA (Single European Payment Area) is a banking format shared across 31 European countries, for credit transfers and direct debits in Euros. The project was initiated in 2008 and SEPA format adoption is expected to become mandatory for all transactions in Euros in February 2014.
As SEPA impacts payroll payments, Oracle PeopleSoft delivered a solution in Global Payroll 9.1 back in July 2011, leveraging its comprehensive and flexible payment solution Financial Gateway from the Cash Management financial module. Financial Gateway supports almost all banking formats currently in use around the world and enables customers to manage the end-to-end banking process. Additionally, Financial Gateway enables to maintain banking formats easily, whenever format specifications are updated.
Along with the SEPA project, the banking industry in France performed some changes in infrastructures used to carry banking files, which led to decommission of some former transfer protocols and enforce the EBICS protocol as the sole vehicle to carry SEPA files.
In order to support this additional change, and ensure a full SEPA compliance to its HCM and FMS customers, Oracle PeopleSoft delivered a new EBICS connector to support EBICS based banking communications. Refer to doc ID 1526912.1 on My Oracle Support for more information. This update is available under the resolution ID 889157 and included in the FMS 9.1 bundle 24.
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