Corporate to pilot VocaLink

01 November 2007News

UK payments processor VocaLink has signed an unnamed corporate to pilot its Swift corporate access programme following joint special interest group session with Eiger Sibos. More than 175 representatives from both corporations and financial institutions attended the session, demonstrating the willingness of both sides of the divide to find a solution to the issue.

With Swift throwing open the doors of Sibos to corporates more formally this year through a dedicated corporate forum, the question of how to get corporates more involved on the network was high on the agenda in Boston.

UK outsourcing firm Xansa said banks must service its needs as a corporate, while maintaining a simple and low cost service. Banks present at the joint session also showed their willingness to ensure they have tools needed to address corporate demands.

VocaLink reported that during the session one corporate volunteered to run a pilot programme – and was sponsored by a bank in attendance – for the new corporate access service launched by VocaLink and payments software firm Eiger. The service will provide banks with a complete platform for their business customers to use for submitting their euro payments allowing them to originate and manage Single Euro Payments Area transactions.

Built on the recently launched VocaLink Euro Clearing and Settlement Mechanism (€CSM), the end-to-end service will allow businesses and banks to take advantage of the opportunities that SEPA provides. Customers will also be able to access other services such as direct debits.

Marion King, chief executive of VocaLink, said: “With SEPA compliance just around the corner, additional services such as corporate access will make all the difference in allowing banks to retain and attract new customers. The service is the first of a number of value-added services we are developing for our €CSM customers and builds on our extensive experience of running similar services for our existing customers.”