The proposed merger of payments services giants Voca and Link has been approved by the Office of Fair Trading, despite their dominant positions in the UK market.
Voca processes some 90% of UK salaries while Link is an international leader in ATM services and real-time transactions.
Although the companies plan to keep core platforms separate they are already jointly developing an infrastructure for their Faster Payments initiative, which will support the requirements of the Single Euro Payments Area.
The combined group, known as VocaLink, will process an estimated eight million transactions this year. It is highly dependent on IT due to its requirement to cut transaction times. Analysts expect the payment clearing systems to be made to work together through enterprise service bus technology.
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