VocaLink and STET have confirmed that they are working together to establish a bilateral link for the exchange of single euro payments area (SEPA) payments based on the European Automated Clearing House Association (EACHA) interoperability standards.
The provision of reciprocal interconnection services between VocaLink’s and STET’s respective clearing and settlement mechanisms will allow the two organisations to mutually exchange SEPA compliant payment messages on behalf of their respective clients. The agreement is designed to further enhance their reach within the SEPA eurozone.
The bilateral link will enable the exchange of SEPA payments between participants in the respective CSM communities. The companies say that this link will provide banks of each community with a fast, cost-effective and low-risk method of achieving reach with the banks of other communities.
VocaLink and STET plan to have the connectivity operational for SEPA Credit Transfers (SCT) by the end of 2009, with an intention to extend the agreement to include SEPA Direct Debits (SDD).
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