Banks and their customers will benefit from greater reach and flexibility in submitting SEPA and non-SEPA payments destined for UK Euro or pound sterling accounts.

The service currently provides banks and their customers with greater flexibility in submitting payments via VocaLink's CSM through four daily settlement cycles with same day delivery of Euro, SEPA and non-SEPA payments through one payment file. This will also enhance end-users' Straight-Through-Processing rates, even if the UK beneficiary account is in pound sterling, providing banks with a fast, cost-effective and reliable way of achieving reach to all UK Bank Identifier Codes.

Fred Bar, Managing Director, Euro Services at VocaLink said: "By enhancing our Euro CSM service, we are continuing to extend our reach to benefit banks and their customers. Continually developing the service is a further step towards the integration of the single European market for payments."

The VocaLink Euro CSM was established in July 2007 to process SEPA transactions from January 2008 onwards and offer other payment services. It is now providing SEPA Credit Transfers, SEPA Direct Debit transactions as well as a suite of value-added services including payment capture and mandate management. Recently, VocaLink has signed interoperability agreements with ICBPI, the Istituto Centrale delle Banche Popolari Italiane, to enhance reach of SEPA, non-SEPA and Euro payments.