LONDON -- LINK Interchange Network Ltd, the electronic transaction management company behind the UK's shared ATM network, will process over-the-counter transactions for a new branch-sharing service being launched jointly by Yorkshire Building Society and Britannia Building Society.
The new venture, Mutual Plus, will allow Britannia and Yorkshire's four million customers to use each others' network of branches to pay into or withdraw money free of charge from savings and mortgage accounts.
LINK will provide the high-speed connection between the building societies and the LINK central switch, enabling instantaneous transactions to take place. Development of the service began in April and underwent a closed pilot for final testing at selected branches prior to being launched, according to a news release.
The Mutual Plus scheme will allow cash and check withdrawals, cash and check deposits and mortgage payments.
"Our expertise in switching shared transactions has made the sharing of branch services between the two building societies possible," said LINK Chief Executive John Hardy.
The new contract marks a significant development for LINK, which plans to use its infrastructure and expertise to develop transaction management services in addition to its core business of switching ATM transactions. LINK's system offers the possibility of integration of additional members, if prospective mutual participants wish to create similar services for their customers, according to the release.
