VocaLink today announced that it has signed the disclosure letter to the European Payments Council (EPC) committing it to becoming a fully SEPA SCT Scheme compliant Clearing and Settlement Mechanism (CSM) as from 28 January 2008.
In being a fully SEPA SCT Scheme compliant CSM, VocaLink acknowledges the requirement to comply with a set of baseline documents as published and updated by the EPC. These regulations form the basis of the framework and rulebook to be SEPA compliant.
- The PE-ACH / CSM Framework
- The SEPA Credit Transfer Scheme Rulebook
- The SEPA Credit Transfer Implementation Guidelines
- The UNIFI (ISO 20022) XML Credit Transfer Message Standards, published by ISO.
Marion King, chief executive of VocaLink said, "We are delighted to announce that we are one of the first CSMs to sign the adherence disclosure to operate as a compliant CSM. This is a key milestone on the road to SEPA and we have gone though a rigorous internal review process to ensure that we are ready for business on 28 January 2008."
VocaLink further agreed that any operational database for the SEPA Schemes published by the firm and containing BIC addresses will reflect only the names of Scheme Participants entered in the EPC Register of Participants.
In accordance with the requirements set out in the PE-ACH/CSM Framework, VocaLink Limited is committed to carrying out a regular self-assessment to demonstrate compliance with the Framework.