Musgrave Group improve cross border payment systems
Sunday, June 01, 2014
The Musgrave Group is a major Irish food wholesaler, founded in Cork by the Musgrave brothers, Thomas and Stuart in 1876. Musgrave Group has become Ireland's largest grocery distributor. Today, the group has operations in Ireland, United Kingdom and Spain. Musgrave is the largest private company in Ireland by turnover and has expanded by acquisition. Annual sales are over 4 billion.
One of the larger sections within the group is the Food Service Division, with thousands of customers across Ireland. Due to the implementation of SEPA (Details Below) on a European wide basis this division had to change the way it processed direct debit mandates. Previously all paper work associated with this process was held by the bank but now it is the responsibility of the supplier to maintain their own records. With a turnover in the millions this paper work became a very important asset for dealing with client queries. Musgrave implemented ei/Trax in head office and deployed our thin client (light) version to all depots handling mandates. All mandates and mandate wavers are now scanned, indexed by account code and stored securely on internal computer network for instant access by credit control staff. Because of integration between ei/Trax and core business management software, Sepa documents can be accessed by account code, date, IBAN, sort code and company name. ei/Trax was the perfect business tool to manage this new requirement.
The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of February 2014 [update], SEPA consists of the 28 EU member states, the four members of the EFTA (Iceland, Liechtenstein, Norway and Switzerland), Monaco and San Marino. The project's aim is to improve the efficiency of cross-border payments