UKs ACH and ATM Network Operators to Merge

Publié le 13 mars 2007 par Voca

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Voca, the UK's central automated clearing house (ACH), has announced plans to merge with Link Interchange Network, the country's ATM network operator.

Both Voca and Link are owned by the UK's major banks and building societies.

Voca, which was previously known as BACS (Bankers Automated Clearing Services), runs the UK's direct debit and direct credit system, processing 90 percent of the UK's salaries and 70 percent of household bills. It says that the company resulting from the merger will be called VocaLink.

Marion King, Voca’s chief executive, says in a statement that VocaLink will be one of the largest payments processors in Europe with a forecast volume of over 8 billion transactions this year. The merger is subject to approval from the UK government’s Office of Fair Trading.

The impetus for the creation of VocaLink is the imminent arrival of the Single Euro Payments Area (SEPA).

"The merger creates a payment processor ready to meet the needs of our customers across Europe, as SEPA becomes a reality in only a few short months," King says.

VocaLink will be managed by a new board which will include independent non-executive directors. Peter Presland, Link’s current chairman, will assume the role of non-executive chairman, while Marion King will become VocaLink’s chief executive.

Voca and Link are already working together to create a near-real-time payments network, which is due to launch this November in the UK. Also, in collaboration with CheckFree, Voca operates the OneVu electronic bill presentment and payment service in the UK.