UK payments processor VocaLink has outlined plans to split the business into three units - clearings, cards and Euro services - as it bids to take advantage of Sepa and expand its presence on the continent.
The new structure, to come into effect in January, will see Fred Bär - who joined earlier this year having held senior positions at EBA Clearing and Equens - made managing director of the Euro services business.
The firm says the Euro services unit is of "particular strategic importance" as demand from the continent increases. The firm has signed a number of major banks - including ABN Amro, Bank of America, Citi, Dexia Bank, Fortis, Lloyds TSB, RBS and Santander -to its €CSM partnership, which provides banks and clients with Sepa-related services.
In May it signalled its intention to continue the aggressive push by tapping shareholders - banks and building societies - for a £60 million equity capital.
This was followed by the opening of a European centre in Amsterdam to serve customers wanting real-time payments and Sepa valued added services.
The clearings business will be led by Nick Masterson-Jones who has been with VocaLink since 2003 and who spearheaded the launch of the Faster Payments Service. Former EDS man David Conkleton takes charge of the cards unit.
All three report to CEO Marion King in a structure the firm says will enable it to operate more effectively internationally, with simplified internal processes.
Announcing the reshuffle, VocaLink stated that Martin Wilson, the company's chief commercial officer "has decided to move on to pursue new opportunities outside of the company".
Says King: "Led by experts in their fields, our three businesses will allow VocaLink to not only meet customer and market demand but will enable the company to continue to grow internationally in coming years."