Metro Bank Chooses VocaLink for Service Bureau Connectivity
Metro Bank, the first new full-service high street bank to enter the UK market in over 100 years, has selected VocaLink to provide a one-stop shop solution for all its payment needs. Metro Bank has outsourced the management of its ATM estate, domestic and international payments and debit card processing to VocaLink. Metro Bank opened its first branch on 29 July 2010 in London.
The VocaLink Service Bureau will provide Metro Bank with the fastest straight-through processing (STP) rates, as well as access to a comprehensive range of connectivity services, including SWIFT. The solution supports connectivity between Metro Bank, its customers and other clearing services that Metro Bank will participate in. By meeting all connectivity requirements through the VocaLink Service Bureau, Metro Bank will be able to boost productivity and minimise costs.
By selecting VocaLink’s ATM Managed Service, Metro Bank will minimise overhead costs and maximise the revenue potential of its ATM estate. The service covers everything from staging, connectivity and installation to 24 hour network, device monitoring and maintenance.
Craig Donaldson, chief executive officer (CEO) of Metro Bank, said: “As we enter the market with the UK’s first new high street retail bank in over one hundred years, it is reassuring to know that we can rely on VocaLink for providing all of our payment needs. With over 40 years’ heritage in electronic payments, VocaLink’s smart solutions will form the lynchpin of our plans to revolutionise the UK retail banking market. Their card issuing service will allow us to give our new customers a debit card within 15 minutes of entering our branches providing our customers the best possible service.”
Metro Bank plans to open a further 12 stores over the coming two years and aims to have a branch network of more than 200 stores within a decade.