VocaLink predicts two billion SwiftNet transactions in 2008
10 January 2008 | 2512 views | 0
VocaLink, the payment services provider and international Clearing and Settlement Mechanism (CSM), will transmit more than two billion transactions over SWIFTNet in 2008.
VocaLink is now one of SWIFT's biggest transaction customers.
Within the first month of working with SWIFT VocaLink became the third biggest user of SWIFTNet FileAct, and is now one of the world's biggest FileAct users. VocaLink now forecasts over two billion SWIFTNet transactions in 2008, with this figure doubling in the next three years. Rising transaction volumes will come from continued expansion of its SWIFTNet service in the UK and growing membership of its Euro CSM.
Marion King, Chief Executive, VocaLink said "SWIFT provides a vital link between the global banking community and our transaction processing services".
"Europe's major banks and corporations are able to use the trusted and long established SWIFTNet service to communicate with VocaLink so they can benefit from our economies of scale'' continues King, "Banks are choosing our combined services to reduce the total cost of transaction processing while achieving compliance with the Payment Services Directive".
Alain Raes, Executive Director, Europe, Middle East & Africa at SWIFT, said: "By working together, VocaLink and SWIFT can offer an attractive solution to banks for their own payments and those of their corporate customers. This is beneficial to both organisations and we will continue to develop this valuable relationship to provide our mutual customers with industry leading products."