Amid a raft of regulatory changes, the Faster Payments initiative combined with the introduction of the Single Euro Payments Area (Sepa) initiative presents banks with challenging timetables with fundamental implications across all systems and processes.

Clearers need low-risk, cost-effective solutions to meet the business and technical requirements, and specifically to ensure compliance with testing and implementation timescales set out by the EPC. The latest information is available at www.europeanpaymentscouncil.eu/knowledge_bank_detail.cfm?documents_id=74

As part of the joint venture company providing the central infrastructure for faster payments in the UK, VocaLink is uniquely positioned to help clearers meet the challenge.

VocaLink's next-generation payments switch re-uses components from their existing central infrastructure to ensure a low-risk and compliant solution. Working closely with Oracle to deliver the solution, Voca's switch leverages Oracle's proven technology platform and its ability to deliver superior solutions within the UK financial services industry.

This component forms a key element of the Oracle Faster Payments Gateway. For an outline of this solution see Faster payments and Sepa - a solution for clearers.

The technology has been proven within Voca itself, processing 5 billion automated payments worth over €4.5 billion annually for 100,000 businesses, including all of the FTSE 100.

In Europe, where new Sepa rules apply from January 2008, Vocalink is the largest processor of direct debit and direct credit transactions, offering a global service with multi-currency capability and direct access to corporates through its new IP-based submission channel. The technology today drives Direct Debits and over 90% of salaries in one of the world's leading financial centres securely and without fail.

Oracle's partnership with VocaLink offers clearers a unique resource to meet the faster payments and Sepa challenge.

Oracle Payments Architecture provides the underpinning for managing payment issues in clearers and other banks today, and with our partners we can provide a total payments solution fit for purpose now and into the future.

In addition to this Oracle can provide individual components to meet the specific challeges facing the payments industry.