VocaLink Euro CSM goes live with first SEPA transaction

London, 28 January 2008: VocaLink announced today that it has processed its first SEPA transaction. The new VocaLink Euro CSM went into production service today, on day one of SEPA. The first transaction passing through the Euro CSM was a SEPA Credit Transfer (SCT) from the Austrian bank BAWAG P.S.K. to Fortis in Belgium. Settlement was effected via TARGET2.

In addition to SCT processing the VocaLink Euro CSM provides the platform for a suite of value added services such as a white-labelled payment processing service which allows business customers to submit transactions directly into the clearing under the direct sponsorship of their bank. VocaLink is also offering a comprehensive direct debit service. This includes Direct Debit Mandate Management Service that will reduce the cost and complexity for banks wishing to offer SEPA Direct Debits to their customers.

Martin Wilson, chief marketing officer at VocaLink said: ‘’We are open for business for SEPA transactions. We are now processing SEPA Credit Transfers (SCT). This is just the first delivery in our roadmap of European payment services. Our SEPA strategy is creating significant interest within the market and we are already working with our customers to help them provide innovative new services to their customers in the run up to the introduction of SEPA Direct Debit (SDD). It is clear that SDD will be hugely attractive to business users and our value added services will make it an attractive offering for banks.’’