Newly-merged VocaLink has signed ten banks to its new pan-European euro clearing and settlement system.
ABN Amro, Bank of America, Citi, Dexia Bank, Fortis, Lloyds TSB, RBS and Santander are among first banks to sign up for the VocaLink €CSM partnership, which will provide banks and their clients with services fol the single euro payments area (Sepa) in 2008. The new service taps into the infrastructure of the member banks, who can be both partners and clients.
Commenting on the programme, Mike Hampson, head of financial institutions, transaction banking, ABN Amro, says: "Sepa raises many complex challenges and it makes sense for European banks to solve these together."
In addition to core transaction processing services, VocaLink says banks will benefit from the development of new transaction services that include corporate access services, direct debit mandate management, payment exceptions management, AML and OFAC compliance and non-Sepa payment processing.
Voca and Link said in March that they were combining their respective operations to form a European payments processor. The merger is now complete.