VocaLink, the international payments specialist, today announced that it has selected ABN Amro as its new Liquidity Bridge Bank.
This will ensure it can continue to deliver SEPA payments to all available destinations through its interoperability agreement with EBA Clearing.
Several leading European banks use VocaLink's service to secure later cut-off and earlier delivery of payments to key destinations where VocaLink has bespoke arrangements. This enables banks to compete more effectively for corporate payments business, allowing treasurers to conduct business more efficiently and improve their liquidity
Superiority in SEPA services is beginning to emerge as a competitive factor for corporate payments banking business. Corporates, particularly those trading primarily with other businesses, increasingly recognise the value of managing their business from a single account. Banks using VocaLink as their clearing partner stand out because they can accept payment instructions later in the day and/or deliver them more quickly.
Maarten Mol, Chief Operating Officer at ABN AMRO, comments: "Our partnership with VocaLink will provide banks and their customers with greater flexibility in submitting payments. Ultimately, this allows corporate treasurers to do more business and grow their business long-term. In addition, it underlines our position as a leading financial institution in Europe and one of the few banks able to provide this kind of specialist service''
Fred Bär, Managing Director, Euro Services at Vocalink, adds: "Through VocaLink's CSM service, which has been operational since early 2008, banks are already able to submit payments quickly and efficiently. This agreement with ABN AMRO complements our existing service and ensures we can reach 100% of SEPA destinations."