Payboost, a subsidiary of Veolia water, will now be providing the collection of payments of CAC 40 through the Luxembourg payment platform SIO4, developed by Olkypay and operated at EBRC.

At the first edition of the Trophées de la transformation numérique held in Paris on 9 February 2016, the new solution received first prize in the 'Financial Management' category, whilst Luxembourg players Olkypay and EBRC were indirectly honoured at the ceremony, which rewards major digital transformation projects conducted by French economic actors.

The solution, developed by the FinTech Olkypay and operated within Trusted Cloud Europe leader EBRC, has enabled Veolia Eau to improve the efficiency of the invoive receipt process, answer regulatory change issues in payment, and make savings on bank charges. The changes were brought about following the need to adapt bills collection processes to the SEPA standards earlier this year.

"As a payment institution, with a license granted to us by the Luxembourg financial regulator, we have implemented an innovative collection platform," commented Julien Rouayroux, Head of Backoffice at Olkypay. "It allows our clients, in the case of Payboost on behalf of Veolia Eau, to operate a more direct management of receipts, whatever the means of payment that debtors want to use, either by transfer or direct debit. They no longer have to go by their bank to ensure that the funds have been received. Thes are benefitting from a greater responsiveness in managing payments and a considerable time saving in sums owed."

Olkypay's new payment possibilities, which form part of the new European Payment Directive (DSP2), provide an alternative to the Titres Interbancaires de Paiement (TIP), an obsolete payment method.

"If at the time of collection, a deduction is not possible due to insufficient funds on the account of the debtor, thanks to our platform, the creditor will be able to automatically carry out the collection by soliciting another payment method available," explained the head of IT of Olkypay. The platform has an efficient Back-Office with a real-time, consolidated view of payment information to the operators in charge of the collection of client receivables.

As a young start-up and subsidiary of the giant CAC 40, Payboost aims to ensure bill collection not just of Veolia Eau but also of all actors operating in mass billing, such as telecommunications operators, energy or water suppliers and insurers.

The amount of bills collected by the solution, just for Veolia Eau, stands at an annual overall total of €5bn per year, signifying several million transactions to more than 7 million customers. The skills and infrastructure of EBRC was drawn upon to ensure service availability.

"We are pleased to now be able to put our know-how and expertise that we have gained in the management of sensitive information in the service of such a transformation project," remarked Jean-François Hugon, Head of Marketing at EBRC. "We are especially proud to contribute to the success of Olkypay, a Luxembourg FinTech promising a good future. With out teams, they have found a partner that allows them to expand rapidly while offering all the necessary guarantees to ehir customers, as to the controller."

"For over 15 years, EBRC strives for excellence in the management of sensitive data," concluded Jean-François Hugon. "Our data centres have never experienced any downtime. Today, this requirement and the expertise that we deploy enable many Fintechs from Luxembourg to send their solutions to important actors such as Veolia Eau and other major companies. This First prize honours an effective collaboration, thus reinforcing the positioning of Luxembourg as a FinTech hub favoured at the centre of the European continent."

 

Photo by OlkyPay (Julien Rouayroux)