He will lead the VocaLink board of directors as the company further develops and expands its business. Sir John retired as Deputy Governor of The Bank of England in February.

In his previous role Sir John was a member of the Monetary Policy Committee and of the board of the Financial Services Authority (FSA). He was responsible within the Bank for tackling the international financial crisis, which included new legislation extending the Bank's role in winding up banks under stress. He was also a member of the Financial Stability Forum which led the international policy response to the crisis and whose report was endorsed at the G20 summit in London last month.

Sir John's work at the Bank and FSA has enabled him to build strong relationships with leading banks and their regulators, both in the UK and abroad. He has extensive experience of government and public policy including as head of the Treasury's directorate on finance, industry and regulation and earlier in his career he worked for 3i, the private equity firm.

Sir John commented: "I am delighted to be joining VocaLink. As the central provider of resilient payment transaction services, it sits at the heart of the banking system and the UK economy. This award winning company has been processing transactions securely for over 40 years and has built a reputation both for reliability and for innovation. In the current financial downturn, VocaLink is in a unique position to help banks and others drive efficiencies and support their new business development. I am very much looking forward to helping it develop its business."

Commenting on Sir John's appointment, Marion King Chief Executive Officer, VocaLink said: "We are delighted to welcome Sir John as Chairman of our board. His knowledge and experience of the financial sector, both in the UK and internationally, will prove invaluable to us as we drive our business forward."