HONG KONG - VocaLink and STET, the international payments specialists, today confirmed that they are working together to establish a bilateral link for the exchange of SEPA payments based on the EACHA interoperability standards.
The provision of reciprocal interconnection services between VocaLink’s and STET’s respective clearing and settlement mechanisms will allow the two organisations to mutually exchange SEPA compliant payment messages on behalf of their respective clients. The agreement will further enhance their reach within the SEPA Eurozone.
The bilateral link will enable the simple and efficient exchange of SEPA payments between participants in the respective CSM communities. This link will provide banks of each community with a fast, cost-effective and low-risk method of achieving reach with the banks of other communities.
VocaLink and STET plan to have the connectivity operational for SEPA Credit Transfers by the end of 2009 with an intention to extend the agreement to include SEPA Direct Debits.
José Beltrán, Director for SEPA at STET, comments: “In line with Euro system expectations, our interconnection agreement with VocaLink is part of our mutual endeavour to build SEPA reach for banks.”
Martin Wilson, Chief Commercial Officer at VocaLink, adds: “Through this new partnership with STET we are continuing our mission to grow our Euro CSM reach to benefit the banks and their customers. This agreement provides additional options to banks working with either party.
The VocaLink Euro CSM was established in July 2007 to process SEPA transactions from January 2008 onwards and offer other payment services. It is providing SEPA Credit Transfers, SEPA Direct Debit transactions as well as a suite of value-added services including payment capture and mandate management.
The new STET system CORE went live in 2008 and operates as a central hub with continuous straight through real time processing. The system is SEPA compliant for both SEPA Credit Transfers and SEPA Direct Debits.
About VocaLink
VocaLink is a specialist provider of payments services to banks, their corporate customers and Government departments. It processes domestic and international automated payments and provides ATM switching solutions. On a peak day, the VocaLink automated payment platform processes over 90 million transactions and over half a billion in a month. Its switching platform connects the world’s busiest ATM network of over 60,000 ATMs. Its Real-Time Payments platform provides the central infrastructure for the UK Faster Payments service. VocaLink is working with BGC (Bankgirocentralen) to provide outsourced processing for the majority of Sweden’s domestic payments.
About STET
STET is a leading provider of infrastructure services to the European payment industry. STET processes all payment instruments including cards, ATMs, credit transfers, direct debits and cheques. On a peak day the STET new generation CORE platform processes over 120 million payments for a total annual volume in excess of 13 billion payments. As a Systemically Important Payment System (SIPS) under euro system criteria, STET operates under central bank oversight and complies with the core principles set by the BIS and Eurosystem for SIPS.
Source: VocaLink and STET
Contacts: For further information please contact: Scott McLean, Hotwire, +44(0)20-7608-2500 or vocalinkuk at hotwirepr.com. Deborah Souter, VocaLink Limited, +44(0)870-920-8651 or deborah.souter at vocaLink.com.
Related Press Releases
World Record Breaker Mike Perham Secures Further Sponsorship From VocaLink After Inspiring the Youth of Hong KongSeptember 17th, 2009 SOUTHAMPTON, England -
- Southampton Boat Show
VocaLink, the international payments specialist, have appointed Mike Perham as corporate social responsibility (CSR) ambassador to further their shared objective of inspiring and supporting young people around the world. This follows a successful joint visit to Hong Kong where Mike presented to 500 young people at the Island School and the Royal Hong Kong Yacht Club on Wednesday 16 September.
Equens and VocaLink Extend SEPA Credit Transfer Interoperability Agreement to SEPA Direct DebitsSeptember 14th, 2009 HONG KONG - Equens and VocaLink have extended their bilateral agreement to include SEPA Direct Debit (SDD) payment processing, in addition to the SEPA Credit Transfer (SCT) service already offered. Today at Sibos - the global event for the financial sector - both companies signed a Letter of Intent (LOI) on this matter.
VocaLink Opens European Centre in Amsterdam to Support its Growing Customer Base in the Benelux RegionSeptember 13th, 2009 LONDON - VocaLink, the international payments specialist, today announced the opening of its European centre in the World Trade Center, Amsterdam, in response to its growing customer base in the Benelux region. The new Dutch centre underpins VocaLink's commitment to supporting clients in their local markets, whilst recognising that payment systems must provide international capabilities.
VocaLink and KIR Announce Interoperability Agreement for SEPA Credit TransfersSeptember 6th, 2009 LONDON - VocaLink, the international payments specialist, today announced that it is working with KIR (Krajowa Izba Rozliczeniowa S.A.), the national clearing house for Poland, to establish a bilateral link for the exchange of SEPA Credit Transfer (SCT) payments based on the EACHA interoperability standards. The provision of reciprocal interconnection services between VocaLink's and KIR's respective Clearing and Settlement Mechanisms allows the two organisations to mutually exchange SEPA compliant payment messages on behalf of their respective clients.
VocaLink Appoints Claire Hafner as Chief Financial OfficerJune 22nd, 2009 LONDON - VocaLink, the international payment transaction specialist, has appointed Claire Hafner to its board as Chief Financial Officer. Claire will be responsible for all aspects of the company's financial management, including the accounting, commercial, procurement, legal, and risk and compliance functions.
Precipitous Fall in Take Home Pay Growth Continues UnabatedJune 2nd, 2009 LONDON - The VocaLink Take Home Pay Index Falls Dramatically From 1.6% to 1.1% in May
- Manufacturing Wage Growth Drops to a New All Time Low of 1.1%
- Service Sector Take Home Pay Plummets to a Record Low of 1.0% in May
The VocaLink Take Home Pay Index has continued its rapid decline this year to reach a new all time low of 1.1% in May. This unprecedented fall in take home pay has been driven by the deterioration in the labour market, with unemployment at its highest since 1996, falling inflation and the slashing of discretionary bonus payments enabling firms to pass through weak wage settlements.
Sir John Gieve Appointed as Chairman of VocaLinkMay 11th, 2009 LONDON - VocaLink, the international payment transaction specialist, today announced the appointment of Sir John Gieve as Chairman, effective 1 July 2009. He will lead the VocaLink board of directors as the company further develops and expands its business.
Take Home pay Growth Falls for the Fifth Consecutive MonthMay 5th, 2009 LONDON - The VocaLink Take Home Pay Index Drops to a new Record low of 1.6% in April
- Manufacturing Take Home pay Remains low at 1.2% in April
- Service Sector Wage Growth Falls to an all Time low of 1.7% From 2.4% in March
The VocaLink Take Home Pay Index has declined to a new record low of 1.6% in April from 2.0% in March. This is the fifth consecutive monthly drop in the VocaLink Take Home Pay Index, reflecting the major impact the recession has had on the labour market.
VocaLink Secures GBP60 Million Shareholder InvestmentMay 4th, 2009 LONDON - VocaLink, the European payment specialist and central provider of services to the UK's Bacs, Faster Payments and LINK transactions, has announced today it has received an investment of GBP60 million in equity capital from its shareholders. This new funding will strengthen its resilient services for existing clients while supporting the company's continued growth in Europe.
Bonus Cuts Reduce Take Home Pay Growth to a Record LowApril 7th, 2009 LONDON - VocaLink Take Home Pay Index Drops to 2.0% in March
- Manufacturing Wage Growth Plummets to an all Time low of Just 1.2%
- Service Sector Take Home Pay Falls to 2.4% in March From 2.9% in February
The VocaLink take home pay index has fallen for the fourth consecutive month in March to an all time low of 2.0%. This is a result of bonus payments being slashed in the face of the recession, while falling inflation and the sustained weakness of the economy have continued to remove the pressure on wage growth.
Related News
Eurozone unemployment hits 10-year highSeptember 1st, 2009 BERLIN - Unemployment in the 16-member eurozone hit a 10-year high in July, data released Tuesday showed. The European Union's statistics office Eurostat said that another 167,000 people were unemployed in the eurozone during July, pushing the jobless rate up to 9.5 percent from 9.4 percent June.
Europe slumps into deflation in JuneJune 30th, 2009 BERLIN - Inflation in the 16-member eurozone has slipped into negative territory for the first time since the currency bloc was formed a decade ago, data released Tuesday showed. After sliding to zero in May, annual seasonally adjusted inflation in the 16-member eurozone dipped to minus 0.1 percent in June, the European Commission's statistics office Eurostat said.
Europe's inflation plunge adds to rate cut pressureJanuary 5th, 2009 BERLIN - European inflation plunged to its lowest level in more than two years in December, data released Tuesday showed, adding to the pressure on the European Central Bank (ECB) to deliver further cuts in interest rates. Preliminary data released by the European Union's (EU) statistics office showed annual inflation in what was then the 15-member eurozone dropped from 2.1 percent in November to a lower-than-forecast 1.6 percent last month.
No pickup for eurozone economies before 2010, says central bankApril 9th, 2009 FRANKFURT - European economies can only expect to begin their recovery in 2010, the European Central Bank (ECB) predicted Thursday. This year, global demand is likely to remain very low since global economies including the eurozone are 'in a serious downturn', the ECB wrote in its monthly newsletter, published Thursday.
European industrial production plunges as inflation dropsApril 16th, 2009 BERLIN - European industrial production plunged by an annual 18.4 percent in February, according to data released Thursday, amid dwindling inflationary pressures and signs that the global recession has tightened its grip on the region's economy. The European Union's (EU) statistics office, Eurostat, said the sharp fall in industrial production in the 16-member eurozone followed a 2.3 percent drop in February compared with January.
Eurozone set to slide into deflationMay 28th, 2009 BRUSSELS - Belgium Thursday joined Germany, Portugal, Ireland and Spain in posting a drop in consumer prices, highlighting concerns that the 16-member eurozone may soon slide into deflation as a result of the global recession. Belgian consumer prices fell in May from April, by 0.37 percent, for the first time since December 1960.
Europe slides further into deflation in JulyJuly 31st, 2009 BERLIN - Inflation in the 16-member eurozone tumbled deeper into negative territory in July, data released Friday showed, presenting the European Central Bank (ECB) with a fresh challenge as it attempts to spur growth in the currency bloc's economy. The European Commission's statistics office Eurostat's preliminary figures showed consumer prices fell more than forecast from minus 0.1 percent in June to minus 0.6 percent this month.
EU economy shrank more than expected in fourth quarterFebruary 12th, 2009 BRUSSELS - The economies of the European Union (EU) and the eurozone both posted worse-than-expected quarterly drops of 1.5 percent in the final three months of 2008, the EU's statistics office, Eurostat, said Friday. According to Eurostat's preliminary estimate, fourth quarter gross domestic product (GDP) also shrank year-on-year by a seasonally-adjusted 1.2 percent in the 15-member eurozone and by 1.1 percent in the 27-member EU.
Economic gloom lifting in Europe, surveys showAugust 21st, 2009 BERLIN - The economic gloom which descended on Europe over the last 12 months is slowly continuing to lift, with key surveys released Friday showing industry confidence gaining ground this month. The economics research group Markit said its composite purchasing managers' index (PMI) for the 16-member eurozone showed the currency bloc's economy edging its way towards expansion this month after posting its seventh consecutive rise.
TANDBERG technology breakthrough shatters the barrier of proprietary telepresenceApril 30th, 2009 BANGALORE - TANDBERG announced ts Telepresence T3 is the first and only immersive telepresence solution that maintains the multi-screen, high-definition telepresence experience when calling out to a third-party telepresence system. This new functionality is meeting the growing demands of organizations that require all video systems to fully interoperate, putting an end to siloed communication.
