The Royal Bank of Scotland (RBS) has partnered
with specialist payment provider VocaLink in a bid to enhance euro
payment processing in the UK.
RBS annouced its selection of VocaLink’s Euro
Clearing and Settlement Mechanism (CSM) to allow direct routing of
all euro payments by the bank into the UK, at last week’s SIBOS
conference in Amsterdam.
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VocaLink claims the service provides banks and
their customers greater flexibility in submitting payments through
four daily settlement cycles. Payments received for sterling
accounts by 8:30am GMT and for euro accounts by 12:15pm GMT will
reach beneficiaries on the same day.
“Through our partnership with VocaLink, banks
will be able to transfer their retail payments to the UK with
faster and more predictable delivery times,” said Wilco Dado, RBS
head of global payments, global transaction services.
“This represents a further step towards the
integration of the single European market for payments.”
VocaLink claims its Euro CSM, which been
operational since 2008, offers a range of Single Euro Payments Area
(SEPA) payment services. These include SEPA credit transfers, SEPA
direct debits, and value-added services such as payment capture,
authorisation and mandate management.
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