The European payment market faces major challenges and new developments. The EU payment regulations that will take effect in 2008 are a significant driving force. The purpose is to make the payment market more efficient and competitive in order to offer better value for customers. To address these ongoing changes while future-proofing the Swedish bankgiro system, BGC plans to launch a strategic partnership with VocaLink, one of the largest payment service providers in Europe.
The partnership will generate economies of scale that permit less expensive payment services for banks and other firms. BGC will also be able to offer a broader range of products, as well as faster delivery of new products at lower prices. Furthermore, the Swedish bankgiro system will be in a position to handle an increased range of currencies. The collaboration will cover the entire bankgiro system and its payment products, including Autogirot. BGC will retain its current role and responsibilities to Swedish banks, firms and public agencies.
“Collaboration with VocaLink will allow BGC to offer a strong, highly competitive range of products,” says Eva Gidlöf, CEO of BGC. “We will also be able to efficiently meet the new EU requirements and future-proof the Swedish bankgiro system. We are very pleased with the chance to work with VocaLink, which is among the leading European payment service providers, and which offers the same high level of quality and security as BGC.”
“This is an exciting opportunity for us,” says Marion King, CEO of VocaLink. “We are delighted to be working with BGC to shape their future processing strategy. We believe that our experience, as well as a scalable infrastructure characterised by a multi-currency processing environment, ensures a flexible, future-proof solution for the Swedish market.”
For additional information, feel free to phone:
Kristina Westerlind, Communications Director, BGC, +46 8-725 65 99
Eva Gidlöf, CEO, BGC, +46 8-725 61 01
About Bankgirocentralen BGC AB
Bankgirocentralen BGC AB offers products and services for clearing of payments, transfers, electronic invoices and security on the Internet in Sweden. BGC is the central player in Sweden when it comes to payment and information services between banks and their customers. Bankgirot is the only giro system in Sweden that handles all types of payments, regardless of bank. BGC processes bankgiro transactions totalling SEK 25-50 billion daily. BGC is owned by SEB, Swedbank, Handelsbanken, Nordea, Danske Bank, Skandiabanken, Ålandsbanken and Länsförsäkringar Bank. For more information, see www.bgc.se
About VocaLink
VocaLink is a specialist provider of transaction services to banks, their corporate customers and UK Government departments. VocaLink has a 35 year history of handling transactions for the UK market. Following the merger between Voca and Link in 2007 VocaLink provides real-time ATM payment processing in addition to managing the UK automated clearing infrastructure. Its shareholders include HSBC, RBS, Barclays, LloydsTSB, HBOS, and a number of other banks and building societies. Its customers include these banks along with Fortis, CitiGroup, RBS, Bank of America and others. www.vocalink.com