Swedish payment processor Bankgirocentralen BGC has turned to the UK's VocaLink to help manage its future payments business.
Under the agreement, VocaLink will work with BGC to provide payment services and handle the processing of its domestic automated payment schemes. The collaboration will cover the entire bankgiro system and its payment products, including Autogirot.
BGC - which processes transactions totalling Skr25-50 billion daily and is owned by SEB, Swedbank, Handelsbanken, Nordea, Danske Bank, SkandiaBanken, Kaupthing Bank Sverige and Länsförsäkringar Bank - will retain its current role and responsibilities to Swedish banks, firms and public agencies.
The companies say the agreement will generate economies of scale that permit more cost effective services and a broader range of products for BGC's customers. The Swedish group will also benefit from VocaLink's investment in technologies to deliver the new payments instruments mandated under the Single Euro Payments Area (Sepa).
Eva Gidlöf, CEO of BGC, comments: "Collaboration with VocaLink will allow BGC to offer a strong, highly competitive range of products. We will also be able to efficiently meet the new EU requirements and future-proof the Swedish bankgiro system."