VocaLink has realigned its global business strategy and will make a phased withdrawal of its euro CSM and single european payments area (SEPA) value-added services.
Marion King, chief executive officer (CEO) at VocaLink, said: “While SEPA has been a positive development for Europe, volumes remain comparatively low. As a result, we have decided to realign our global products to reflect our customers’ current priorities around immediate payments.”
Following a strategic review of the global payments market, VocaLink has created a global transaction services team to deliver the innovations required by today’s evolving payments industry.
Marc Terry, managing director of global transaction services at VocaLink, will head up this team. Terry said: “We have conducted extensive international research into the payments needs of our customers as well as the typical consumer which we will be sharing at this year’s Sibos conference. Overall, there is a widespread desire to move towards immediate payments.”
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