ABN AMRO Works With VocaLink and Launches MMF Portal
ABN AMRO has announced details of the services it is providing to VocaLink to achieve delivery of end-to-end, worldwide payments processing to financial institutions and their corporate clients once the single euro payments area comes into existence in January 2008. The VocaLink €CSM is a pan-European clearing system for SEPA payments. The partnership with around 20 banks across Europe was announced last July to simplify the problem for banks of achieving reach across the eurozone. Through its partnership with ABN AMRO, VocaLink also plans to be able to offer one-stop processing of non-SEPA payments on behalf of its clients. These payments will be delivered worldwide via ABN AMRO’s network in more than 50 countries. The first step will be to send euro payments anywhere globally. Additionally, ABN AMRO has launched MoneyMarket Express, an online portal for financial institutions to invest in a range of AAA-rated money market funds (MMFs) from a single trading platform. With this solution, the bank claims that the user can access a wide range of MMFs, including onshore and offshore US dollar funds, euro and sterling funds; compare assets, performance and ratings of different funds and make multiple fund purchases, redemptions or exchanges with one single payment. The platform is protected by 128-bit SSL protocol; front-end encryption and 1024-bit back-end encryption, authentication, firewalls and 24/7 intrusion detection monitoring.