VocaLink, the payment transaction specialist, and BankGiroCentralen (BGC), the Swedish Automated Clearing House (ACH), have won the National Outsourcing Association (NOA) Award for Innovation in Outsourcing. The award has been given in recognition of the groundbreaking clearing and settlement business model that was developed to outsource the processing of Swedens automated payments to VocaLink. The deal represented the first time the processing for a national payments scheme has been transferred to a non-domestic player.
“Were delighted and proud to be given this award,” says Martin Wilson, chief Ccommercial officer of VocaLink. “This is in recognition of all the hard work and effort that has gone into the outsourcing deal from both BGC and VocaLink over the past year. Our partnership has the potential to refresh thinking on scalable, flexible, commercial and economic models for payments. The Swedish banks and BGC should be commended on this innovative and bold step, which is particularly relevant in the current economic climate and with regard to the impact that SEPA will have on national ACHs.”
The outsourcing deal between VocaLink and BGC will see the majority of Swedish giro payments being processed by VocaLink in the UK. This will enable BGC to accelerate the deployment of a strategic payments application, allowing it to focus on those aspects of the business where it can add most customer value. These include providing banks with broader product portfolios, quicker delivery of new products and lower development and operational costs.
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