LONDON, March 30, 2017 /PRNewswire/ -- SourceHOV, a leading provider of enterprise information management and transaction processing solutions is proud to announce today that their BancTec office in the UK and VocaLink, the global payment partner to banks, corporates and governments, has been selected by the Cheque and Credit Clearing Company (C&CCC) to build and run the infrastructure for an industry-wide image-based cheque clearing system that will significantly reduce the number of days taken to clear cheques in the UK.
VocaLink will run the central infrastructure behind the new system that will go live from 30 October 2017. BancTec will provide Plexus Archive and Case Management, part of the SourceHOV EIM platform, BoxOffice, to support the central infrastructure. The system will enable cheques to be cleared by the end of the next working day, allowing customers to access their funds quickly and securely.
This latest mandate reaffirms VocaLink as the leading operator and technological partner driving the digitisation of payments in the UK. VocaLink already operates the infrastructure for the UK's Faster Payments system, Bacs, Link, Paym and Pay by Bank app mobile payments systems, along with the UK's current account switching service. Globally, SourceHOV processes approximately 68 million payment transactions daily, and the BancTec brand has a strong heritage in the cheque and transaction processing business, providing services and solutions to major financial institutions.
This is an important step that will create a more efficient cheque clearing system in the UK. The C&CCC, which processed £400 billion of cheque payments in Britain last year, with an average value per item of £1,161, will deliver a service that will provide clear added benefits for consumers and businesses, empowering them with greater choice and better cashflow.
Customers will still be able to pay in cheques in the traditional manner at their bank or ATM, but will benefit from the new image-based, faster service.
Paul Stoddart, Deputy CEO of VocaLink, commented, "This new service brings cheques into the digital age, creating efficiency in the industry and gives consumers and businesses quicker access to their money. VocaLink has implemented its IPS technology in Singapore, Thailand and will be live in the US later this year. We are delighted to bring this technology to the UK for C&CCC. Technology is transforming the way people pay and get paid, and VocaLink is committed to enabling growth in electronic payments and offering greater choice to people, businesses and governments."
Mark Fairchild, President of SourceHOV, added, "We are proud to partner with VocaLink to deliver services that enable rapid payments and funds availability to the public and business communities. With our technology-enabled FinTech services, we are able to evolve with the industry and help improve overall user experience."
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/
BancTec is a part of SourceHOV.
Our foundation is in financial services with solutions in FinTech, HealthTech and InsurTech. Whether you're applying for a loan, reviewing your healthcare information or paying a bill, we're in the background streamlining the process for those organisations you work with every day.
By leveraging specialised knowledge platforms, we apply a strategic mix of solutions and services, coupled with proprietary technology that incorporates data aggregation, exception handling, decisioning, and business process automation to deliver true end-to-end solutions. We provide services to more than 3,000 customers in over 50 countries, including more than 50 percent of the Fortune® 100, and 120 global banks, from a network of approximately 120 delivery centers and over 16,000 employees.
Every day we create innovative processes and technology-enabled solutions that relentlessly drive efficiency. Decades of experience in transaction processing services and enterprise information management allow us to be a better partner with our clients.
By reducing cycle times and enhancing performance we make businesses work better.
Visit www.sourcehov.com for more information.