Equens and VocaLink Extend SEPA Credit Transfer Interoperability Agreement to SEPA Direct Debits
Equens and VocaLink have extended their bilateral agreement to include single euro payments area (SEPA) Direct Debit (SDD) payment processing, in addition to the SEPA Credit Transfer (SCT) service already offered. Both companies have signed a letter of intent (LOI) on this matter. The companies say that interoperability agreement helps to create a more competitive payments market as banks will be able to choose which processor they want to use for SDDs, as well as SCTs. It is the intention to go-live with the extended interconnection with the start of SDD on 2 November 2009.
This interoperability agreement is based on Interoperability Framework version 4.1 of the European Automated Clearing House Association (EACHA). Version 4.1 elaborates on the improved process for exchanging and sharing of reach. It also provides details on all the interoperability provisions for SDD messages for both core and business-to-business.