VocaLink and RBS Partner on Processing Euro Payments into the UK
VocaLink has partnered with the Royal Bank of Scotland (RBS) to further improve the delivery of euro payments to UK accounts through VocaLink’s euro clearing and settlement mechanism (CSM). In partnership with RBS as a settlement agent, banks using VocaLink’s euro CSM service will be able to deliver payments more quickly and effectively to both euro and sterling beneficiaries in the UK.
Irrespective of whether the currency of the UK destination account is in euro or sterling, the service allows direct routing of all euro payments by banks connected to VocaLink into the UK, enhancing end-users’ straight-through processing rates and providing banks with a fast, cost-effective and reliable way of reaching to all UK Bank Identifier Codes (BICs). The service provides banks and their customers with greater flexibility in submitting payments through four daily settlement cycles. Payments received for sterling accounts by 8.30am GMT and for euro accounts by 12:15pm GMT will reach beneficiaries on the same day.
Wilco Dado, head of global payments, global transaction services at RBS, said: “Through our partnership with VocaLink, banks will be able to transfer their retail payments to the UK with faster and more predictable delivery times. This represents a further step towards the integration of the single European market for payments.”