Here are some of the milestones in our history:
May 2008: Faster Payments service goes live on VocaLink Real-Time platform
27 May 2008 - VocaLink announces successful launch of UK's Faster Payments service. The ground-breaking Faster Payments service is the first application of the VocaLink Real-Time Payments Platform and generates significant interest from major banks around the world.
May 2008: VocaLink to process Sweden’s payments
15 May 2008 - VocaLink signs a contract with the Swedish national processor, BGC, to process the majority of Sweden’s automated payments.
April 2008: 40 years marked since the first electronic payment was made.
1 April 1968 - the first interbank electronic payment is made. 40 years later, VocaLink has processed over 69 billion Bacs payments. We celebrate this marvellous achievement together, and look forward to many more years working in partnership with the Bacs Scheme.
January 2008: VocaLink Euro CSM goes live with first SEPA transaction
The VocaLink Euro CSM commences processing Single Euro Payments Area transactions on Day 1 of the SEPA (28 January). The historic first transaction was a SEPA Credit Transfer (SCT) from the Austrian bank BAWAG P.S.K. to Fortis in Belgium, with settlement effected via TARGET2.
November 2007: VocaLink breaks records in transactions per day and month
November saw a new monthly processing record of 520,411,937 Bacs payments. This is the first time the company has broken the half billion barrier for payments processed within a month. VocaLink has also set a new Peak Day Processing Record of 90,314,917 Bacs payments on Friday 30th November.
July 2007: VocaLink is born
The VocaLink Group is born out of the merger of Voca and LINK. The relationship and shared vision for the future of payments was borne out of the succesful bid to deliver the UK’s Faster Payments service via our joint venture: Immediate Payments Ltd.
December 2006: Transaction switching platform breaks a new record
We break a new record by switching over 11 million transactions in a single week day
November 2006: OneVu goes live, bringing EBPP to the UK
OneVu, our joint venture with CheckFree Corps, launches with LloydsTSB as the first bank to offer electronic bill presentment and payment (EBPP) in the UK.
September 2006: EAPS founder membership - a new era begins
We become a founder member of the Euro Alliance of Payment Schemes (EAPS). In doing so, we position ourselves to address the need for debit card interoperability under the Single Euro Payments Area (SEPA) card framework.
September 2006: International interoperability enters phase 3
We sign an agreement with US ATM network PULSE® extending our ATM network reach to the US. We can now switch transactions from another 260,000 cash machines in US.
July 2006: MONILINK™ is founded
In partnership with MobileATM Ltd, the unique MONILINK™ service is launched in the UK. First Direct is the first bank to allow its customers to check balances, receive mini statements and top up their mobiles by text. MONILINK™ becomes our third service bringing banking and mobile phone users together.
July 2006: The VocaLink payment platform goes live.
Over 100,000 businesses and many of the world’s biggest banks migrate overnight to the new VocaLink payment platform. There are no failed payments. The UK banking system runs smoothly, but now on world-class technology.
June 2006: Prepaid card issuing is added to the portfolio
Having acquired a 17% share in PrePay Technologies Ltd, we begin shaping propositions for banks using reloadable, stored value cards. The company expands its portfolio of services that provide new ways to pay.
November 2005: We break the 5 billion payments per year barrier
The year-to-date total for payments processed breaks the 5 billion barrier, with all our service level agreements in tact and largely exceeded.
October 2005: Immediate Payments Ltd is formed
Having been chosen to provide the central infrastructure for the UK’s Faster Payments service, Immediate Payments Ltd is formed as a joint venture between Voca and LINK.
January 2003: Network banking goes live in the UK
We switch our first basic banking transaction for Post Office Ltd using the Network banking service. In doing so, we launch a reliable and accessible service that addresses the Government’s concerns over financial exclusion.
October 2002: ATM Mobile Top-Up service emerges
Having won contracts with Vodafone, Moneybox and Creation FS, we start to build the first service that uses ATMs as a retail channel and brings banking and mobile phones together for the consumer.
April 2001: Branch Sharing launches in the UK
Our new services allow building societies with fewer branches to give their customers access to basic banking services through the branches of other banks and building societies. We enable smaller organisations to retain customers by stimulating cooperation in an increasingly competitive retail environment.
March 2000: The UK Government issues the Cruickshank Report
Four important recommendations change the course of banking in the UK. Both the Bacs and LINK schemes are advised to split the supply of technology from the scheme management and what will become Voca and LINK Interchange Network emerge. The requirement for a Faster Payments service to supplement the three-day clearing system is identified. LINK scheme membership is to be opened up to non-banks.
April 1997: The bulk High Speed Transmission channel is launched in the UK
The delivery of payment files on magnetic media (a tape reel delivered in person) starts to become history as the secure, high-speed bulk transmission channel (HST) goes live. Bulk payment data is sent over leased lines within a private network.
September 1996: International interoperability enters phase 2
Our connection to the Visa™ international goes live. We now interoperate with the second of the three major international credit and debit card networks.
June 1993: The UK’s transaction switching becomes international
Our connection to the MasterCard™ international credit and debit card network goes live. We can switch transactions from UK cardholders overseas and visitors to the UK from around the world.
October 1992: The REFT transaction engine is launched in the UK
We launch Replacement Electronic Fund Transfer system (REFT), one of the largest and most powerful transaction engines in the world to process UK payments.
June 1985: LINK Interchange Network Ltd is formed
The vision of interoperability between ATMs becomes a reality.
April 1971: Bacs Direct Credit is launched in the UK
We launch the Bacs Direct Credit service in the UK. It starts a revolution in the way salaries are paid and soon takes off in the business community to become a vital tool.
October 1970: First contingency site opens in the UK
We opened our first back-up site in Acton, West London, to provide disaster recovery capability for our Lombard Street computer hall. Our contingency policy paid off the following year and became a fundemental aspect of our strategy. Since then, our service has been unbroken.
April 1968: Interbank Computer Bureau launches
The first shared service for banks launches with a secure, streamlined method of handling payments, which reduced processing time and human errors using ISO and ECMA standards.