VocaLink and BAWAG P.S.K. on track to launch SEPA Direct Debit pilot

15 September 2008

VocaLink, the payment transaction specialist, announced that it is launching a SEPA direct debit (SDD) pilot with BAWAG P.S.K., one of Austria’s leading banks. BAWAG P.S.K. will bring the SDD business-to-business service to market by Q1 2009.

VocaLink has launched the SDD pilot to provide banks with an opportunity to test and validate a broad range of SDD services in advance of the scheme launch in November 2009.

Martin Wilson, chief commercial officer at VocaLink, commented: “We are delighted that BAWAG P.S.K. is extending its existing relationship with us. This decision illustrates the success of our SEPA services. Our SDD offering enables more than SDD compliance as it provides BAWAG P.S.K. with enhanced services such as payments capture. These services will reduce the bank’s costs by capturing their clients’ payments directly, removing the need for unnecessary intervention by the bank. Likewise, our mandate management services will minimise the bank’s infrastructure and development costs by centralising critical mandate information on behalf of the bank and its clients. These services have been specifically designed to meet the needs of our client banks and will position BAWAG P.S.K. ahead of the market.”

Joseph Laughlin, member of the management board at BAWAG P.S.K., commented, “We have been very impressed with the VocaLink SEPA Credit Transfer service and so deciding to join the SDD pilot was very easy for us. SDD will be the trigger for widespread European adoption of SEPA and our corporate customers will now get a chance to realise the benefits of SEPA early.”

“Every bank will have to include SEPA-compliant offerings,” adds Wilson. “These need to be supported by robust processes and systems that meet the requirements of the EPC rulebook. Our pilot provides a safe environment for testing SEPA direct debit and the migration to SDD. As such we believe it will be attractive to banks and welcomed by the EPC.”

Joseph Laughlin, BAWAG P.S.K. adds, “The SDD pilot will demonstrate to our corporate customers that BAWAG PSK is ahead of the market and delivering the SEPA vision through SDD. The value added services such as payments capture, validation, mandate management, exceptions management, and debtor and creditor services will make a real impact with our customers.”

BAWAG P.S.K. is already a customer of VocaLink’s SEPA services. BAWAG P.S.K. was among the first wave of new clients when SEPA Credit Transfers went live in January 2008.

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