VocaLink to Process Sweden's Payments
UK’s payment transaction specialist VocaLink has signed a contract with the Swedish national processor Bankgirocentralen (BGC) to process the majority of Sweden’s automated payments. BGC has outsourced the processing of the majority of Swedish direct debit and credit transfer payments to VocaLink. The Swedish firm will continue to manage its customer relationships whilst IT development and operations will be transferred to VocaLink. The migration of payments to the VocaLink infrastructure is underway and should be completed by the beginning of 2010, at which point VocaLink will manage the day-to-day operations of the Swedish Bankgiro system. The partnership between BGC and VocaLink is a step forward in the consolidating European payment market.