VocaLink and Bankgirocentralen (BGC), the Swedish payment processor, have announced plans to launch a strategic partnership. The partnership is meant to generate economies of scale that permit more cost effective payment services for BGC’s customers. BGC will also be able to offer a broader range of products, as well as faster delivery of new products at lower prices. The Swedish bankgiro system will also be in a position to handle more 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. VocaLink has been developing a range of products and services including corporate access (a secure access through a single channel to shared services for banks and their customers) and the Euro Clearing & Settlement Mechanism (Euro CSM) that will process SEPA Credit Transfers and SEPA Direct Debit. VocaLink will work with BGC to provide payment services and handle the processing of its domestic automated payment schemes.
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