VocaLink Enhances its Reach for Payments into the UK
VocaLink has announced it is enhancing its euro clearing and settlement mechanism (CSM) service. The company says that banks and their customers will benefit from greater reach and flexibility in submitting single euro payments area (SEPA) and non-SEPA payments destined for UK euro or pound sterling accounts.
The service currently provides banks and their customers with greater flexibility in submitting payments via the CSM through four daily settlement cycles with same day delivery of euro, SEPA and non-SEPA payments through one payment file. This will also enhance end-users’ straight-through processing (STP) rates, even if the UK beneficiary account is in pound sterling, providing banks with a fast, cost-effective and reliable way of achieving reach to all UK Bank Identifier Codes (BIC).