SEPA has far reaching consequences for national banks. While there is increased competition, there are also new opportunities.
National banks need, at a minimum, to be compliant with new legislation and to offer a best-in-class solution in order to retain customers and acquire new ones. This is more vital than ever before as, in the SEPA world, banks face threats in their markets from new competitors who historically may not have been able to compete.
VocaLink offers standardised solutions for SEPA Direct Debit, payments capture and processing, and clearing and settlement. These help banks achieve compliance while maintaining their brand and competitive edge in the marketplace. These solutions are cost-effective to implement and easy to maintain. All services are available in local languages so there is no compromise for users.
There is a smooth transition to working with VocaLink. Our clearing and settlement mechanism is easy to join and cost effective from the outset: the only pre-requisite is for a TARGET2 account. There is no collateral requirement for participation thanks to our ‘settle first before output’ model. We offer banks a single point of access to the SEPA and beyond.
All VocaLink services offer low-cost processing and mitigated risk. They also enable banks to create new revenue streams.