UK payments processor VocaLink has tapped its shareholders for a £60 million equity capital investment as it looks to continue to expand its European presence.
The company, owned by around 20 UK banks and building societies, was created in 2007 through the merger of the Bacs payments and clearing network and ATM network operator Link.
Since then it has embarked on an aggressive expansion programme into Europe in a bid to take advantage of the introduction of the Single Euro Payments Area (Sepa). 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.
Earlier this year it completed pilot testing of Sepa direct debit exchanges between corporate customers and three European banks, ABN Amro, Bawag and Royal Bank of Scotland.
It has also signing an outsourcing deal with Sweden's national processor Bankgirocentralen to take on the majority of its payments processing and provided the platform for the UK's Faster Payments service.
Richard Hooper, acting chairman, VocaLink, says: "This investment will give us the opportunity to improve our services whilst enabling us to continue providing reliable and trusted support for our clients in difficult economic times."