Irrespective of whether the currency of the UK destination account is in Euro or Sterling, the service allows direct routing of all euro payments by banks connected to VocaLink into the UK, enhancing end-usersâ Straight-Through-Processing rates and providing banks with a fast, cost-effective and reliable way of reaching to all UK Bank Identifier Codes. The service provides banks and their customers with greater flexibility in submitting payments through four daily settlement cycles. Payments received for Sterling accounts by 8.30am GMT and for Euro accounts by 12:15pm GMT will reach beneficiaries on the same day.
Wilco Dado, Head of Global Payments, Global Transaction Services, at RBS, comments: âThrough our partnership with VocaLink, banks will be able to transfer their retail payments to the UK with faster and more predictable delivery times. This represents a further step towards the integration of the single European market for payments and underlines RBSâ position as a leading, global financial institution.â
Fred BÃ¤r, Managing Director, Euro Services at VocaLink, said: âTogether with RBS, we are continuing to extend our reach to benefit banks and their customers. This service enables financial institutions to compete effectively for corporatesâ payments business.â
The VocaLink Euro CSM has been operational since January 2008 and offers a comprehensive range of SEPA payment services as well as other payment services. These include SEPA Credit Transfers, SEPA Direct Debits and a suite of value-added services such as payment capture and authorisation and mandate management.