BGC and VocaLink have now signed a contract to transfer the processing and future development of the Swedish Bankgiro over to VocaLink. BGC’s contract with VocaLink facilitates economies of scale that will give banks and companies lower prices on payments, broader product portfolios and faster delivery of new products at a lower cost.
With this new contract VocaLink will handle development and processing of the Bankgiro system. This transition will start in May 2008, with the target date of completion in the beginning of 2010. Then VocaLink will manage the day to day operations of the Bankgiro. BGC retains its current role and responsibilities managing the relationships with the Swedish banks, firms and public authorities.
“The partnership with VocaLink facilitates a very strong product offering to our customers,” says Eva Gidlöf, Chief Executive Officer at BGC. “VocaLink is the leading European payment processor, with products that are modern, currency independent and ready for the European market with very competitive pricing. In addition, VocaLink maintains the same high quality and security levels as BGC.”
The European payment market is undergoing EU-driven change that aims rationalise the payment market, improving competition and lowering prices. For companies and private individuals it will entail quicker, simpler and cheaper payments. The partnership between BGC and VocaLink is a vital step in BGC’s long-term strategy to become a market-leading supplier of payment solutions.
“Marion King, Chief Executive Officer at VocaLink says: “We are delighted to be working in partnership with BGC. To be tasked with processing the bulk of Sweden’s domestic payments demonstrates a new and efficient operating model in a dynamic and changing market. Our partnership with BGC is another major step in VocaLink's international growth as we bring our products and expertise to new markets.”
For additional information, please contact:Eva Gidlöf, CEO Bankgirocentralen BGC AB
Tel: +46 (0)8 725 6101
E-mail:
eva.gidlof@bgc.se
Kristina Westerlind, BGC
Tel: +46 (0)8 725 6599
Kevin Monks, VocaLink
Tel: +44 (0)870 920 8574
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, Kaupthing Bank Sverige and Länsförsäkringar Bank.
About VocaLink
VocaLink is a specialist provider of transaction services to banks, their corporate customers and Government departments. It processes domestic and international automated payments and provides ATM switching solutions. On a peak day, the VocaLink automated payment platform processes over 90 million transactions and over half a billion in a month. Its switching platform connects the world’s busiest ATM network of over 60,000 ATMs.
Having pioneered electronic payments for over four decades, many of the world’s top banks and their corporate customers rely on VocaLink to meet their transaction needs. Its processing services offer banks reach throughout the Single Euro Payments Area (SEPA) and beyond; and are augmented by value-added services that leverage industry expertise and technical capabilities
Please visit
www.vocalink.com for more information