Case Study
Leading Vericos GmbH’s SEPA Compliance Transformation
Overview
Vericos GmbH partnered with a specialist team led by Jozef Antony to manage critical changes required by the European Union’s Single Euro Payments Area (SEPA) regulations. The team successfully developed and deployed a scalable SEPA Mandate System (SEPA MS), ensuring compliance while enhancing operational efficiency.
The Challenge
The European SEPA regulation imposed sweeping changes:
– Transition from national account numbers to IBAN and BIC systems.
– Migration from DTAUS file formats to XML (ISO20022).
– Deployment of a SEPA Mandate Static system for managing direct debit mandates.
In Germany, where 80% of daily transactions were direct debits, timely compliance was vital. Vericos’s legacy systems were insufficient to meet the new standards.
The Approach
Led by Jozef Antony, the team architected an encapsulated SEPA Mandate System, integrated via XML-based web services with Vericos’s core insurance applications.
Key technologies:
– Java 6.0, HTML, JavaScript, AJAX.
– Linux servers, Apache Server.
– MySQL and Oracle databases.
– Subversion for source control.
The system supported three modes of interaction:
– Web Service calls from applications (primary usage).
– Volume Interface Logic for batch processing thousands of records.
– HTML Interface for single-user or testing purposes.
Special attention was given to master data rules (Outline Rules, Data Rules) governing mandate validity and processing according to German and EU law.
Key Success Factors
– Full Compliance: Aligned with SEPA regulations and German business practices.
– Seamless Integration: Modular web service architecture ensured smooth interoperability.
– Scalable System: Handled high volumes of mandates efficiently.
– Regulatory Adaptability: Structured for future updates as laws evolved.
Results
– Achieved SEPA compliance ahead of deadlines.
– Protected Vericos from regulatory risks and penalties.
– Enhanced operational workflows around mandate administration.
– Laid the groundwork for further digital transformation initiatives.
Job Done
Through strategic leadership and technical excellence, Jozef Antony’s team delivered a resilient, scalable SEPA compliance platform. Vericos GmbH is now positioned as a leader in regulatory-driven innovation in the financial services sector.