Â· Voca and SWIFT partnership creates one of the worldâs largest domestic Market Infrastructure Closed User Groups
Â· Voca to utilise SWIFTNet for real-time payments
Today Voca, the leading provider of payment services to banks and corporates, unveiled plans for a multi-purpose SWIFTNet channel, offering the European banking and payments industry the choice of communication channels for easy access to Vocaâs new flexible and advanced payments platform. The channel unlocks Vocaâs services for bulk payments and real-time payments for pan-European implementation.
In August, Voca celebrated a milestone of 60 billion electronic payments since it started 38 years ago and is on track to process 5.5 billion this year.
The deal with SWIFT creates a new Market Infrastructure Closed User Group which will extend Vocaâs reach into Europe and beyond with SWIFTNet as the new channel. The first users of Vocaâs new SWIFT channel will be some of the UKâs largest financial institutions who will be using it to transmit their domestic transactions to Voca, creating one of the worldâs largest domestic Market Infrastructure Closed User Groups.
Marion King, chief executive officer of Voca, and Gary Bertone, director of market infrastructures at SWIFT, celebrated the official contract signing on Vocaâs stand at Sibos. Voca is providing a live demonstration of its new Single Euro Payments Area (SEPA) enabled payments platform on its Sibos stand this week.
The new multi-purpose channel, called the Voca SWIFTNet Transmission Service (STS), not only supports SEPA but also Vocaâs new real-time payment service which is scheduled for launch in November 2007 under the faster payments initiative in the UK. Voca STS is designed to utilise SWIFTNet FileAct and FIN. The service will provide a single interface for participating banks allowing them to use their SWIFT connectivity for national, cross-border, real-time and bulk payments, reducing back office costs. It will streamline messaging for all payments in the most secure environment in Europe. The service will be launched in March 2007 and be fully SEPA compliant from day one.
Voca is already working with banks representing over half of the UKâs payment volume to consolidate international and national payments onto SWIFT, leading to significant back-office efficiencies and cost savings. Many international banks have also expressed an interest in using the service.
Linking into SWIFT provides Voca with comprehensive international reach and expands its global footprint. The new Voca STS brings SEPA processing a step closer and builds on the companyâs successful launch of the new Voca Payments Engine in July, which can process payments from any country regardless of currency, format or scheme.
Marion King added, âVoca has the most advanced payments platform in Europe. This new channel opens up international access, providing a complete solution for banks which need to cope with the introduction of SEPA on top of their existing systems. Re-using their SWIFT infrastructure makes perfect business sense.â
Gary Bertone said, âSWIFT is pleased that Voca is providing the financial community the opportunity to send payment messages and other files over SWIFTNet. This allows clients the choice of a communication channel and messaging platform for both domestic and cross-border transactions.â