MultiCash Transfer Customer DKV Euro Service receives Adam Smith Award

DKV Euro Service has received the prestigious “Adam Smith Award for Best Practice and Innovation 2010“ in the category “Best SEPA Solution“.

The decisive factor for DKV Euro Service’s first place award in the “Finance” sector was the outstanding achievement of implementing SEPA orders at the earliest possible time. Second and third places in the same category went to Google and Würth Finance respectively. In all, awards were made in 13 categories. The Adam Smith Award is made by the Treasury Today Magazine in recognition of companies which use or are in the process of introducing innovative solutions for corporate treasury.

Since 2004, DKV Euro Service has been using a centralized payment factory based on Omikron’s MultiCash Transfer, which acts as central hub for the all national and international payments. At the outset, DKV Euro Service was looking for an innovative payments solution, which could consolidate a number of processing systems into one efficient, secure and sustainable solution.

At the heart of MultiCash Transfer is an mechanism which automatically routes payment flows to the corporate’s banks, ensuring that the appropriate formats, business types and communication links for each bank are used. The product was designed specifically for corporates handling high payment volumes. MultiCash Transfer enables corporates to collect balance and transaction information securely and efficiently from all their banks, routing this data directly to the accounting and cash management systems used. Similarly, payment orders are sent automatically from the accounting system to the banks, while additional tools allow orders to be keyed within the application, which then generates the appropriate format per bank.

With 89.000 customers throughout Europe, using direct debit systems in more than 15 countries, DKV Euro Service was able to leverage significant cost-savings by focussing on the new SEPA direct debit instrument. As part of the ongoing cooperation, Omikron and DKV Euro Service adapted the  “payment factory“ some years ago to support the particular requirements of SEPA Payments. The first batch of SEPA payments was submitted on schedule 2. November 2009, signalling a successful completion of the project “New SEPA Direct Debit“. In fact, DKV EURO Service was the first  company in Europe to implement the new SEPA B2B direct debit.

Omikron congratulates DKV Euro Service on the Adam Smith Award and look forwards to continuing a longstanding and successful partnership.

Here you will find the Treasury Today article.

More detailed information on how the Omikron solution is implemented at DKV EURO Service can be found in our case study.