Mastercard-owned Vocalink has contracted with LINK through 2031 to continue offering ATM switching and settlement services to roughly 60,000 ATMs in the U.K., Mastercard announced on Friday (Oct. 25).
An infrastructure partner to LINK since 1986, Vocalink will remain the technology provider that connects ATMs to the LINK network.
“We are delighted that LINK has extended our partnership to operate its ATM network until 2031. Since 1986 we have worked together to ensure the U.K.’s LINK network has remained innovative, resilient and reliable for its customers,” said Gregor Dobbie, CEO of Vocalink.
“Although we have seen a rise in contactless payments, access to cash is still a priority to many communities in our society who value its convenience and immediacy,” Dobbie continued. “While Vocalink will continue to create innovative payment solutions, we’re also wholly committed to financial inclusion and ensuring everyone has a choice over how they pay, and no one is left behind by new technologies. We look forward to continuing to support the LINK network in its crucial role, allowing the nation to access the cash it needs when it needs it.”
The Payment Systems Regulator required a competitive procurement process that confirmed Vocalink’s capabilities to scale globally, the company noted.
Vocalink’s infrastructure services are used by companies including Faster Payments, Bacs, LINK and Cheque & Credit Clearing Company Ltd. It is also the provider of SWIFT Net File ACT-based SWIFT Transmission Solution (STS) Gateway Product, the channel into the Bacs solutions and all ancillary solutions, including the Current Account Switching Solution (CASS).
On a global scale, Vocalink forms part of Mastercard’s New Payment Platforms (NPP) business unit that offers B2B payment services.
Last month, Vocalink announced it was partnering with TSB to roll out a solution to help prevent fraud and payment mix-ups. TSB is among the initial financial institutions that will offer confirmation of payee and verification of account name service for its customers. The solution will help people combat payment and avoid mistakes like sending funds to the wrong account.