VocaLink has made a U-turn on its global
strategy to push SEPA and announced the withdrawal of the service
alongside its Euro CSM.
The payments provider cited higher demand for
immediate payments as the reason for the re-alignment of its global
strategy.
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VocaLink’s CEO Marion King said that SEPA
volumes remained low, but still emphasised that SEPA “had been a
positive development for Europe.”
“As a result, we have decided to realign our
global products to reflect our customers’ current priorities around
immediate payments,” King said.
The payments provider has re-aligned its
global business strategy and put in place a new division, Global
Transaction Services to respond to evolving demands in the payments
industry.
The division’s managing director, Marc Terry,
said that there was a “widespread desire to move towards immediate
payments”.
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By GlobalDataHe added that the company would reveal further details at this
year’s Sibos conference.
VocaLink’s decision to drop any SEPA
ambitions comes less than four months after it launched a
new SEPA Credit Transfer Service with Poland’s national clearing
house Krajowa Izba Rozliczeniowa SA (KIR SA).
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