SEPA Credit Transfer (SCT) was successfully launched on 28 January 2008.

There are however, still significant challenges ahead for the banking community. Banks must enable their customers to submit bulk SEPA payments, which must be validated and processed in accordance with the SEPA rulebook. With some uncertainty surrounding migration, developing these SEPA-compliant services remains a daunting and expensive prospect for banks.

Today, VocaLink captures and processes payments on behalf of all the major European banks and from over 115,000 bank customers. The ‘bank-branded’ Payments Capture service receives, validates and processes bulk SEPA payment files. Exceptions are managed quickly and efficiently through a self-service user interface on-line.

Banks benefit from the VocaLink Payments Capture service in the following ways:

• Reduced costs: due to our commercial flexibility and economies of scale
• Ongoing compliance: VocaLink manage infrastructure upgrades to remain compliant
• Increased straight-through processing: Payments Capture integrates with bank back-office systems
• Maintain customer relationship: Payments Capture is a bank-branded service.