VocaLink to process Sweden's payments
Last year, the Bankgirocentralen (BGC) board decided that the Swedish payments market had insufficient volume to be competitive. This meant that payments in Sweden would be among the most expensive in Europe.
In order to avoid the potential financial issues and future development costs associated with providing a competitive payments and & clearing service, BGC chose to outsource its payments and& clearing operations.
BGC chose VocaLink from a number of potential partners, as the most suitable provider of the service required. This reflected VocaLink’s reputation for reliability, its cutting-edge technology and its continual development of innovative products and services.
This is hugely significant for BGC and VocaLink. In an increasingly competitive market the deal provides a cost-effective platform for BGC to meet its processing requirements and benefit from the economies of scale that working with VocaLink will bring. BGC will be able to offer new competitive products and more cost-effective services.
Working with BGC is a major step in VocaLink’s international growth strategy. It underlines the value that VocaLink provides to its customers and is further testament to VocaLink’s infrastructure investment and international growth strategy.
BGC retains the same role and responsibilities that it has with Swedish banks, companies and Authorities today. BGC and VocaLink will soon commence a technical collaboration which will entail VocaLink managing the BGC infrastructure. Additionally, VocaLink will undertake development work under the direction of BGC.
BGC’s contract with VocaLink facilitates economies of scale that give banks and companies greatly reduced prices and better value. It will also lead to broader product portfolios and quicker delivery of new products at a lower development cost.
VocaLink and BGC look forward to working together in the future to provide ground breaking new products and services.
Related documents
Follow this link to read the BGC case study.