LONDON--(BUSINESS WIRE)--VocaLink, the international payment systems provider, today announces the signing of a five year deal to provide exclusive processing for the LINK ATM network. The deal is the UK’s largest ever ATM processing deal and is expected to deliver over 16 billion transactions.
Under the five year contract with LINK Scheme and its 38 Members, VocaLink will provide ATM switching and settlement services and will support the processing of over 70,000 ATMs connected to LINK in the UK and across Europe. The LINK ATM network allows people to easily access cash and other services, with over 97% of all LINK transactions being free. Over the past 12 months, LINK ATM transactions have risen to over 3.2 billion, the highest levels seen so far in the UK.
The deal follows a number of major contract wins for VocaLink internationally, with the business recently announcing its expansion in Netherlands with YourCash and in the US with The Clearing House, where it will be providing the payments infrastructure for the US faster payments network.
Ian Gausden, Managing Director at VocaLink, added: “Winning the UK’s largest ever ATM processing deal demonstrates VocaLink’s breadth of retail payments knowledge and capability. The deal further supports our aim to power the world's economies through creating more efficient and effective payments systems and empowering people to transact quickly, easily and securely.”
We’re VocaLink. A global payments partner to banks, corporates and governments. We design, build and operate world-class payment systems.
We believe that sustainable economies are powered by easy access to and movement of money. Our award-winning platforms and payment industry expertise make it easier for people to make payments confidently and securely. Last year we processed over 11 billion transactions with a value of £6 trillion. In the UK, we process over 90% of salaries, more than 70% of household bills and almost all state benefits. Every business and person in the UK benefits from our technology.
In the UK, our high availability, resilient payment systems power the Faster Payments Service on behalf of the Faster Payments Scheme, the Account Switching platform, Bacs and the Direct Debit Scheme. We also connect the world’s busiest network of over 70,000 ATMs through the LINK scheme.
Our proven capability of implementing real-time payment systems in the UK has led to the development of immediate payment solutions for other countries such as Singapore and the United States. Our vision is to be the leading real-time payment infrastructure provider globally, creating a positive impact on society by shaping the payments landscape worldwide.
Our approach to designing world-class payment systems is driven by the voice of our customers. Their needs are at the centre of everything we do and we strive to deliver a flawless experience every single time.
We’re VocaLink. Powering economies, empowering people.
For payment news and insight from VocaLink visit CONNECT http://connect.vocalink.com/