VocaLink, a provider of payment transaction services, has enhanced its Euro Clearing and Settlement Mechanism (CSM) service, to help banks and their customers in submitting single Euro payments area (SEPA) and non-SEPA payments destined for UK Euro or pound sterling accounts.
VocaLink said that the service currently provides banks and their customers with flexibility in submitting payments via its CSM through four daily settlement cycles with same day delivery of Euro, SEPA and non-SEPA payments through one payment file.
The enhancments are expected to improve end-users’ Straight-Through-Processing rates, even if the UK beneficiary account is in pound sterling, providing banks with a fast, cost-effective and reliable way of achieving reach to all UK Bank Identifier Codes.
Fred Bar, managing director of Euro Services at VocaLink, said: “By enhancing our Euro CSM service, we are continuing to extend our reach to benefit banks and their customers. Continually developing the service is a further step towards the integration of the single European market for payments.”