Allows to mutually exchange SEPA compliant payment messages on behalf of their clients
VocaLink, a UK-based provider of payment transaction services, has announced that it is working with KIR (Krajowa Izba Rozliczeniowa), the national clearing house for Poland, to establish a bilateral link for the exchange of SEPA (Single Euro Payments Area) Credit Transfer (SCT) payments based on the European Automated Clearing House Association (EACHA ) interoperability standards.
Reportedly, this is expected to allow the two organisations to mutually exchange SEPA compliant payment messages on behalf of their respective clients. The agreement is expected to improve VocaLink’s and KIR’s reach within the SEPA Eurozone.
Michal Szymanski, vice president of KIR, said: “The ability to directly exchange payments with leading European payment processors within the EACHA framework will enable us to reduce processing costs and speed up the cross system message flow at the same time. We are continually improving our SEPA product portfolio and so establishing an EACHA link with VocaLink was a natural step forward for us.”
Martin Wilson, chief commercial officer at VocaLink, said: “The bilateral interoperability agreement with KIR will enable the simple and efficient exchange of SEPA Credit Transfer payments between CSM communities. As a result, the banks of one community will receive a fast, cost-effective and low risk method of achieving reach with the banks of other communities.”