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XCOM Group decisively involved in the successful implementation of pension payments via SEPA within the Postbank Group
Managed by the software development centre in Zwickau, XCOM AG developed and implemented a completely new payment transactions platform for Deutsche Post AG's pension service in a record time of just over four months.
Significant advantages have been achieved for the pension service thanks to the new software developed to implement pension payments using the SEPA system. The new technology fulfils the highest safety criteria based on the XCOM Group's wellestablished eBanking systems and, thanks to the modular design of the payment transaction suite, is highly flexible with regards to expandability. Furthermore the receiving banks benefit from significant cost and synergy advantages.
Dr. Rainer Fuchs, Board Chairman of XCOM AG: "The cooperative and very sophisticated project with Deutsche Post's pension service and the Group's Postbank division, presented us with a range of great ITrelated challenges. The performance of our systems in particular had to fulfil significantly higher requirements once again. We are very pleased that we didn't simply fulfil them, but were able to achieve a quality standard that was certainly crucial for the success of the SEPA Postbank project."
Although banks in Germany have been providing SEPA transfers since 2008, only a few customers use the standard SEPA system for their transactions. A good 0.4 percent of the three billion transfers carried out in Germany in the second half of 2009 were SEPA transfers. The restructuring of 1.9 million pension payments per month is a welcome boost to the spread of the SEPA system within Germany.
In addition to being the market leader in Germany for payment transactions, BCB, one of XCOM AG's cooperation partners, which developed payment transactions for Postbank as well as other large banks, also took over as the market leader for SEPA payment transactions.
As part of an initiative of Deutsche Post AG's pension service - which is responsible for the payment of the state pension in Germany - Postbank AG, the pension service and XCOM AG came together in a joint project to prepare to restructure pension payments to fit the SEPA system. After extensive, successful tests, 1.6 million pensions were sent without difficulty at the end of April 2010 to national recipients using the SEPA format. State pensions made up 1.3 million transactions and the rest consisted of company pensions and pension supplements.
SEPA stands for Single Euro Payments Area. In the future domestic and cross boarder payments made in this area such as transfers, direct debits and card payments will be subject to communal standards and legislation. Thanks to this harmonisation, bank customers can process their payment transactions for the entire Euro Zone using a single account at any bank connected to the SEPA system.
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