VocaLink, the payment transaction specialist, has joined Swift's partnership programme.
This commercial agreement will enable the two companies to share market intelligence, develop joint sales and marketing plans and work together on new products and services. It will also give VocaLink access to SWIFT's extensive customer base, including over 8,300 banking organisations, securities institutions and corporate customers in more than 208 countries.
Marion King, chief executive officer at VocaLink, commented: "We are delighted to join the SWIFT partnership programme. SWIFT provides a vital link between the global banking community and our transaction processing services. As one of its largest transaction customers, we already work together very closely. This partnership deepens and strengthens our existing relationship and demonstrates our belief that SWIFT is the transport layer of choice."
VocaLink is already one of the largest users of the SWIFTNet FileAct service, forecast to route over two billion transactions in 2008 and double this in the next three years. The alliance will enable the two companies to develop new products and services, joint sales and marketing plans and share market intelligence, as well as giving VocaLink access to SWIFT's extensive customer base.
SWIFT and VocaLink are also planning to bring SWIFT Transmission Service (STS) to a wider market. STS was created by VocaLink to offer its customers the popular SWIFTNet messaging service for financial institutions. The service enables banks to access Bacs processing and to make bulk payments of standing orders to the UK Faster Payments Service. The broader commercial offering of STS will be attractive to businesses wanting to submit Bacs payments over SWIFT as well as for bureaux and software providers.
Marion King added: "This is an excellent opportunity for both VocaLink and SWIFT to bring an attractive channel to a wider market. STS was added to our portfolio in 2007 as an alternative strategic connectivity channel for international banks. Due to high demand, we are now making it available as a stand alone service. This agreement strengthens our partnership with SWIFT and demonstrates our belief that SWIFT is the transport layer of choice."
Patrik Neutjens, Head of Partner Management at SWIFT, said: "We are pleased to welcome VocaLink to the SWIFT partnership programme. VocaLink is an important company to work with in the financial services sector and this collaboration will bring added value to SWIFT customers."