LONDON--(BUSINESS WIRE)--C24 Technologies, a leader in financial services messaging and integration solutions, announced that RCI Banque has selected C24 Integration Objects (C24-iO) to enable the exchange of financial data in accordance with the Single Euro Payment Area (SEPA) initiative. C24-iO improves financial services software development efficiencies and the quality of information used in organizations. This solution allowed Renault Financial Group to adopt electronic payments in compliance with European Union regulations and SEPA technical implementation requirements in a smooth, safe and expeditious manner.
RCI Banque, 100% owned by Renault, specialises in automotive financing, insurance and related activities for the group’s clients and dealer network. It supports an annual volume of 24 million transactions in the Euro area. To address SEPA compliance deadlines and seeking to optimize payment processes, the bank was looking for a data management solution that met three criteria: high quality and reliability of exchanges under any circumstance, a low total cost of ownership, and a solution able to meet tight regulatory deadlines.
In terms of technology, the solution needed to provide support for several data formats (local ACH, SEPA and SWIFT), transformation of payments, error handling for rejected messages, and reporting. After carefully considering several solutions, RCI Banque selected C24 Integration Objects, a model-driven data interoperability and standards-based development tool that improves development efficiencies and the quality of data transmitted between systems.
The solution enables exchange of critical financial data in SEPA format while maintaining full compatibility with domestic syntactical formats (Minos and CFONB). C24-iO’s pre-built messaging standards libraries each include the message syntax, validation rules, and test cases of valid and invalid data to ensure completeness of testing procedures.
"C24 Technologies comfortably met our main specifications. C24’s ease of implementation within our architecture, easy administration, high scalability and performance convinced us along with the professionalism and responsiveness of the team. After more than four full years of operation, no anomaly or failure has been detected," says Didier Boullay, Project Manager SI, RCI Banque.
"With our solution, RCI Banque has both an excellent data management tool and also a level of service recognized for achieving and securing transactions, which is essential to be in line with SEPA,” said Wayne Meikle, Commercial Director, C24 Technologies.
About RCI Banque
Created and totally owned by the Renault group, RCI Banque is a French bank specialising in automotive financing and services for the group’s clients and dealer network (Renault, Renault Samsung Motors and Dacia) throughout the world and the Nissan group (Nissan and Infiniti) mainly in Europe and South America. Present in 35 countries, RCI Banque has over 2.5 million clients, financing nearly 1,102,000 customer accounts per year, with a portfolio of 24.1 billion Euros of funding at the end of 2012 and record pre-tax earnings of 773 million Euros. To find out more about RCI Banque click on: www.rcibanque.com
About C24 Technologies
C24 Technologies is a software company specialising in financial services messaging and integration solutions. Companies worldwide significantly decrease the time and costs for integrating financial standards and systems using C24’s data interoperability tools and pre-built standards libraries. Comprehensive support is provided for over 40 industry standards including SWIFT MT-MX, ISO 20022, FpML, FIX and SEPA. For more information or to download a free version of C24 Integration Objects visit www.c24.biz or email info@c24.biz.
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