By Andy McCue, 12 October 2004 14:50
NEWS The UK's electronic clearing house BACS - responsible for the direct debit system and ensuring salaries get paid at the end of the month - has rebranded as part of ambitious expansion plans to become a dominant player in the European payment market.
The commercial part of BACS, which runs the technology infrastructure behind the clearing house, will now be known as Voca after undertaking a £75m technology renewal and modernisation programme that includes a new IP-based secure payment network called Bacstel-IP.
In Voca's cross-hairs is the European electronic payment market. The European Central Bank and the European Commission have already called for a single European payment area by 2010 instead of the current system of regional and national clearing houses.
Martin Wilson, director of ventures at Voca, said the aim is to capitalise on this anticipated consolidation by selling the new IP-based services either as components or a whole package to other clearing houses and businesses in the EU.
"Part of our international business strategy is to broaden our horizons internationally with Europe as a key market," he said.
But Wilson ruled out acquisition as a way of gaining market share. "We are looking more to European partnership," he said.
Voca derives from the Latin for "call", which Wilson said had been chosen for its international feel and to represent the "calling down of money and making a transaction happen".
Wilson said the rebranding had not cost a fortune. "We've been very prudent about how we do this. It's been a very fine balancing act by our marketing people," he said.
In order to post a comment you need to be registered and logged in.
Log in or create your silicon.com account below