responsible business - vocalink · 2015-07-16 · page 3 vocalink responsible business report 2014...

Responsible BusinessReport 2014

VOCALINK RESPONSIBLE BUSINESS REPORT 2014 PAGE 2 VOCALINK RESPONSIBLE BUSINESS REPORT 2014PAGE 1

Our expertise and commitment to delivering responsible business is recognised by the following standards and memberships

ISO14001 Environmental Management Standard

All of our operational sites conform to the ISO14001 environmental standard, an internationally recognised benchmark that endorses our ongoing commitment to manage impacts successfully, ensuring that our actions have a positive and protective effect on the environment wherever possible.

BS OHSAS 18001 Health and Safety Management Standard

We operate an Occupational Health and Safety Management Systems which complies with the British Standards Institution BS OHSAS 18001, creating a safe and pleasant physical working environment for our employees.

Business In The Community (BITC): April 2014

Every year we measure the effectiveness of our responsible business vision and its implementation. In 2014 we were proud to be awarded three and a half stars for achieving 93% on the BITC Corporate Responsibility Index. Putting us in the lead in the financial sector category and demonstrating that we take our role within the UK economy seriously by continuously improving the way we work.

United Nations Global Compact

We are an active participant the UN Global Compact, aligning our operations and strategies with the ten universally accepted principles and working practices in the areas of human rights, labour, environment and anti-corruption.

CR INDEX2014

Investors in People: September 2013

We have been awarded the Investors in People (IiP) Gold standard for going above and beyond in the way we develop, support and motivate our people. The accreditation is in recognition of VocaLink’s practices which are above the national benchmark quality requirement, placing us among the top 2% of IiP certified UK companies.

About us

VocaLink’s innovative, sustainable and highly efficient payment services touch the lives of almost every person and business in the UK.

VocaLink is a global payments partner relied on by financial institutions, corporates and governments to provide high availability and resilient payment solutions.

We operate world class leading payment clearing systems and ATM switching platforms which underpin the majority of UK electronic payments – we provide a national grid for payments. Our proven capability of implementing real time payment systems in the UK has led to the development of immediate payment solutions for other countries.

Our platforms have made it easier to make payments confidently, securely and cost effectively. Last year we processed over 10 billion transactions with a value of £6 trillion.

We provide the platform for Bacs and the Current Account Switch Service; the real-time platform for the Faster Payments Service; and the LINK ATM Network, giving businesses and consumers simple, instant and reliable ways to access and move money.

We are also at the forefront of mobile payments and Zapp, the UK’s leading mobile payment innovation, is empowering consumers to be able to make secure real-time consumer to merchant payments through existing mobile banking services.

VOCALINK RESPONSIBLE BUSINESS REPORT 2014PAGE 3

‘Over the last seven years we have focused on our key social and environmental objectives in order to improve our business sustainability and delivering long-term stability and value. We have come a long way and we recognise there is still much more we can do.

Every year we measure the effectiveness of our responsible business vision and its implementation. In 2014 we set our annual targets to focus on all aspects of the business and opportunities to drive a successful future for VocaLink. We were proud to be awarded three and a half stars for achieving 93% on the Business In The Community (BITC) Corporate Responsibility Index. Leading in the financial sector category in 2014 demonstrated that we take our role within the UK economy seriously by continuously improving the way we work.

2014 was an exciting year for VocaLink, we received a number of industry respected accolades for the innovative payments services that our technology enables. Having built and brought on two new services since 2013 Paym and the Current Account Switch Service, our payment volumes are increasing, with VocaLink’s innovation Zapp to be the next service we bring onto our systems.

We have continued to work on the sustainable options that encourage social benefits by working with the UK Government and Payments Council to deliver services that encourage competitiveness in industry, improving cashflow, opening up opportunities to more consumers and demographics.

Facilitating economic growth inevitably requires more capacity from our Data Centres, increasing the resource of

electricity and water consumption that is required to run our technology. The consideration of key environmental impacts is therefore key and needs to be embedded within our Data Centre and Infrastructure research processes as part of our IT strategy. We sustain this through any business case that aims to maintain, upgrade or migrate our Data Centres, ensuring that any new product or service is underpinned by efficient technology that is environmentally considered.

Complementing our systems is our focus on customer service, we are heavily relied on to provide high availability and resilient payment solutions for the UK economy to run efficiently. High quality of service is paramount. This year as part of our customer programme we asked our customers how important they thought Responsible Business is and what they

thought of our initiatives in this area. Year on year this is valuable in helping us to shape how we think about our Responsible Business Programme, what it means to our customer community and how we can champion consumers across the UK and beyond.

We were awarded the Investors in People (IiP) Gold standard in 2013 for going above and beyond in the way we develop, support and motivate our people. And in 2014 we expanded this even further. Engaging employees from the beginning, we embarked on a programme of initiatives to improve the way we communicate and share information within the organisation, transforming the way we work.

This vision for a better staff experience includes our working environment not only in our office layouts but across different locations and also the technology we use to support a

more mobile and collaborative way of working.

A personal highlight of the year has been the work on improving our employees’ experience. Given the size of our organisation, I think that we are incredibly lucky to have such passionate people that grasp any opportunity to innovate and have the expertise and enthusiasm to actually make it happen.

We will continue to evolve the way we think about our sustainability programme through sponsorship at Board and Executive level, whilst engaging with all areas of the business and the communities we impact to really make a difference.

We are pleased with the continuous improvements we have made throughout 2014 and in this report you will see why.’

Debbie LombardChief Human Resources Officer and Chairperson for the Responsible Business Board (Executive sponsor of the People workstream)

Welcome to our 2014 Responsible Business Report

We seek to drive beyond industry best practice in everything we do, and set the standard as an innovative business partner.This includes the way that we think about our own sustainability programme, and the positive impact that we can have in communities where people use payments to support their day to day lives.

We evolve our Responsible Business programme to recognise current social and environmental impacts that could affect our business and our surrounding communities. Through 2015 and beyond we will continue to recognise opportunities to create new products and services that address social and environmental needs, facilitating economic growth and contributing to the success of the UK economy.

VOCALINK RESPONSIBLE BUSINESS REPORT 2014 PAGE 4

Our Responsible Business vision


Contents Shaping the global payments landscape

Shaping the global payments landscapeTrusted operationsConsidering the planetResilience for our customersSuccess underpinned by expertiseTransforming the way we workRecruiting the bestCreating new talent for VocaLinkInspiring the next generationMore than philanthropy


There is considerable focus on developing industry-wide mobile services, such as Paym and Zapp, that everyone can access, as internet and mobile banking is becoming faster, more convenient and more intuitive. By introducing new products and diversifying, we are able to address societal impacts and also grow as an organisation.

Our digital innovation is giving individuals more control over how they manage their finances, encouraging more responsible spending. From settling utility bills to paying back friends, it provides the ability for people to conduct essential transactions, whenever and wherever they are in the world.

6789

111213141516

Considering the planetTrusted operations

“It is extremely important that we are actively minimising our operational impact on the environment.”

Chris RawsonChief Operating OfficerExecutive sponsor of the Environment workstream

“The fact that mobile and internet banking is now being used for transactions worth £1 billion is a big achievement and one that has the power to bring enormous benefit to the UK economy. Furthermore, it cements Britain’s position as a global leader for financial services technology.”Mobile services strengthen customers’ bond with banks by Chris Dunne, Payment Services Director


Facilitating economic growth inevitably requires more capacity from our Data Centres, increasing the amount of electricity and water that is required to run our technology. The consideration of key environmental impacts is therefore a primary focus and needs to be embedded within our Data Centre and Infrastructure research processes as part of our IT strategy. Any business case that aims to maintain, upgrade or migrate our Data Centres includes environmental impact considerations. Any new product or service is underpinned by efficient technology that is environmentally considered, making our data centres energy efficient wherever possible.

We took the opportunity recently to install a new chiller system which provides a level of free cooling that will reduce energy consumption when switching from mechanical to natural cooling.

We consider our opportunities for sustainability, consumables and energy by being careful with our waste, recycling wherever possible and feasible. We have also found key areas that we can improve to reduce our waste inefficiencies.

We have partnered with an asset management company who take all assets that are no longer required by the business and find opportunities

for resale with residual value or recycle under appropriate waste licenses.

As a technology solutions provider we have opportunities to have a positive impact on the environment through the technology solutions we provide to our customers.

Change hasn’t happened overnight. The major milestone in the evolution of payments in the UK was the launch of real-time payments in 2008 in the form of the Faster Payments Service. This allows businesses and consumers to transfer funds electronically between accounts held at participating financial institutions in seconds.

Take-up has grown every year since the scheme went live and in 2014 the three billionth real-time payment was processed. This system has revolutionised the UK payments industry, by injecting more cash flow into the UK economy and has begun to significantly feature at an international level.

From the start of 2012, every bank account was reachable through faster payments and this is what provides the foundation for new mobile services.

2014 was an exciting year for VocaLink. We received a number of industry respected accolades for the innovative payments services that our technology enables, and we delivered our trusted real-time payments system to the Singaporean economy.

We will continue working on the sustainable solutions that have a social benefit in conjunction with the UK Government and Payments Council, delivering services that

encourage competitiveness in the industry, improving cash flow and opening up opportunities to more consumers and demographics.

Having delivered two new services since 2013, Paym and the Current Account Switch Service, our payment volumes are increasing, and our latest innovation Zapp will be next.


All of our operational sites conform to the ISO14001 Environmental Standard, an internationally recognised benchmark that endorses our ongoing commitment to manage impacts successfully, ensuring that our actions have a positive and protecting effect on the environment wherever possible.

Percentage ofwaste reused/

recycled

Generated 7922.67

tonnes CO2

(scope 1 and 2 emissions)

52.5%2013

95.27%2014

£6 trillionprocessed by our core

services in 2014

0

Other

2

4

6

8

10

12

Annual totals (bn transactions)

2009 20102008 2011 2012 2014 2013

FPS

LINK

Bacs

Resilience for our customers


Supporting our innovative technology is our focus on customer service, as we are heavily relied upon to provide high availability and resilient payment solutions for the UK economy to run efficiently. High quality of service is paramount to our business.

In 2014, as part of our customer programme we asked our customers how important they thought Responsible Business is and what they thought of our initiatives in this area. Year on year this is valuable in helping us to shape how we think about our Responsible Business Programme, what it means to our customer community and how we can champion consumers across the UK and beyond.

We are dedicated to providing world class customer service and this has been reflected in the quality of our service performance and customer survey results for 2014. With a view to strengthening our customers’ experience, in June we joined the Institute of Customer Service (ICS) for more focus on improving customer experience and were assessed against their ServiceMark accreditation.

We are pleased to say that we achieved the ServiceMark in 2014 following an assessment of our employee engagement in relation to our organisation’s customer service strategy, and customer satisfaction feedback.

Our culture and the perception our customers have has also helped to shape the definition of our brand, which is anchored by our Vision, Mission, Values and Behaviours.


Ethical day-to-day business transactions

“Our brand in the marketplace is based upon how we conduct our business, which is crucial for our reputation, so we treat all our suppliers fairly, and in return we expect the same from them.’’

Claire HafnerChief Financial OfficerExecutive sponsor of the Marketplace workstream

In any business, it is always important to maintain good relationships with all suppliers in the supply chain. Due to the nature of the services and products we provide, specialist suppliers who we enter into procurement agreements with, are traditionally larger organisations. These providers are key to our stability and ensure that we can provide the service that is expected.

We have focused on the suppliers in our supply chain who are smaller in size or local to our sites and have put in place targets to ensure that local suppliers are also included in our procurement strategy.

Alongside this, we have also reviewed our supplier list and converted all organisations that are considered small to medium enterprises (less than 50 employees) to 14 day payment terms.

These more favourable payment terms help our smaller suppliers to manage their cash flow more efficiently, allowing them to be more competitive and become more sustainable as a result.

During 2014, 8% of spend was directed to businesses located within 10km from our main sites in the UK, an increase on our target of 7%.

All our suppliers are expected to sign up to our code of conduct, which is based on the ten universal principles of the UN Global Compact. In the last year there have been no breaches of our code of conduct or incidences of bribery or corruption.

91.9%of customers scored us 8 or above for customer

satisfaction

14 daypayment terms

for SMEs

Importance % Satisfaction %2013 2014 2013 2014

Community Driving the introduction of new payment technologies, for a positive impact on the payments community.

58.33

63.16

58.33

66.67

Environment Improving the working environment and the impact that our data centres have on the global environment.

61.9

55.66

52.38

72.22

Marketplace Establishing ethical partnerships and delivering responsible products and services in the marketplace.

83.33

75

68

70

People Valuing the contribution of employees by promoting a stimulating and engaging workplace culture for our people.

86.95

66.67

69.56

77.78

Transforming the way we workSuccess underpinned by expertise


We were awarded the Investors in People (IiP) Gold standard in 2013 for going above and beyond in the way we develop, support and motivate our people. In 2014 we expanded this even further by engaging employees from the beginning, embarking on a programme of initiatives to improve the way we communicate and share information within the organisation, looking to transform the way we work.

In 2014 we introduced a new intranet collaboration platform which enables staff to share documents online, reducing print requirements and therefore reducing paper as a waste product.

As an organisation with over 800 members of staff, our property strategy and how we use ‘our space’ is extremely important. It is vital to ensure that we are maximising the use of our space and are continuously reviewing our property portfolio to improve occupational efficiencies. The flow of people through our offices is not only significant for environmental and financial reasons, but is also a key aspect of our internal culture and employee wellbeing.

This vision for a better staff experience includes our working environment, not only in our office layouts but also how we are located

across different offices and the technology we use for a more mobile, interactive and collaborative way of working.

We hope these technological improvements, in conjunction with our policies and the benefits we offer will help staff to find a productive balance between work and life outside work. We place a high value on the physical and mental health of our employees, regularly undergoing staff satisfaction reviews to understand areas for improvement.

VocaLink has been awarded the Investors in people (Iip) Gold standard for going above and beyond in the way we develop, support and motivate our people. The accreditation is in recognition of VocaLink’s practices, which are above the national benchmark quality requirement, placing us among the top 2% of IiP certified UK companies.

The standard provides a solid foundation for growth and development and is awarded to well-run organisations which meet set criteria, including learning and development, leadership skills and recognition and reward of staff, amongst others.


How we are perceived and how we perform as an organisation is credited to our people. Our internationally-recognised payment systems are attributable to the expertise of our staff and the characteristics they demonstrate.

Our brand is built upon core trusted operations which are reliable, proven and secure. This type of service embodies the attitudes and capabilities of our employees, which in turn allows us to build

and innovate, an essential part of sustaining the UK economy.

Last year, we focussed on driving new behaviours within the organisation. This started with a reflection on the capabilities of our leadership teams. We wanted our senior team to champion these positive behaviours and we have made progress in fully embedding them throughout the organisation, through a number of employee initiatives and engagement programmes including

Brand Awareness workshops. All employees are assessed against our behaviours through our Performance Management process.

As well as a simple ‘thank you’ for recognising employee contributions, we also have a company wide recognition programme that encourages and positively rewards people for their contribution towards achieving our vision.

We know that by investing in our staff, we are giving the business the best opportunity to succeed. Employees that are engaged, and growing and developing professionally, we know will be happier within their day-to-day roles and will want to stay at VocaLink.

StaffSatisfaction

72.6%

75.6%

June 2013

June 2014

Our values

Passion forperformance

Persistant pursuitof innovation

Substantive andgrounded in reality

Our behaviours

Commercial

Courageous

Transparent

Collaborative

Respectful

The guiding principlesthat dictate what we stand for

as an organisation

How we behaveinternally

Payments Pioneer AwardPayments Team of the YearTechnology Provider of the Year

Creating new talent for VocaLinkRecruiting the best

“People are the heartbeat of our business. Getting the resource mix right is a key component of our success.”

Debbie LombardChief Human Resources Officer and Chairperson for the Responsible Business Board Executive sponsor of the People workstream


For a number of years we have been running a successful trainee programme with the aim to address skills gaps by developing our own talent for the future. In 2014 we recruited 12 trainees who have a training plan that runs for an average of two years. In addition,

we also have 12 industrial placement students for 2014/2015 and intend to invite some back to pursue full-time employment after they have completed their studies.

Continued support for our Trainee Programme and Industrial

Placements assists with our succession plans and enables us to transfer and develop key skills in-house and avoid the need, where possible, to bring in contractors over time.

Our specialist services mean that we require skills and levels of experience that aren’t prevalent in the market. In a competitive industry, recruitment is vital to our services so we make sure our practices are fair and inclusive and that all suitable candidates are considered for appropriate roles and progressed on capability. We collect

voluntary data to monitor the diversity of our workforce. We have a pay policy that is free from discrimination. Through job sizing and externally benchmarking our roles, we remain competitive, fair and consistent.

Over the past few years, one particular focus has been to reduce our reliance

on contractor staffing and increase our permanent staff base. Alongside the obvious financial cost savings, by having a larger number of permanent employees, VocaLink has been able to retain key knowledge and also look to develop and progress all individuals.

All our policies are fair, inclusive and provide opportunities for all regardless of age, gender, ethnicity, social background, religion, disability or sexuality. We aim for every aspect and effect of our business to have a positive impact.

12Industrial

Placements

12Trainees

7.71%rolling unplanned

turnover

0%

VL

1

2

3

4

5

6

10% 20% 30% 40% 50%

CEO Legal Schemes CRO HROD S&BD CFO LINK ATM Services

Alternative Payments

Commercial Services

COO

3 8 10 17 30 51 54 92 96 105 476

0 100 200 300 400 500

COOCommercial ServicesAlternative Payments

LINK ATM ServicesCFO

S&BDHROD

CROSchemes

LegalCEO

Headcount by Directorate

Percentage female by benefit band

Female & male/female ethnic minority

2013 28.4%

2014 30.7%

Based on voluntary employee disclosure

VocaLink diversity mix

0%

5%

10%

15%

20%

<20 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60+

0% 5.5% 7.1% 14.2% 18.1% 15.8% 15.3% 11.9% 8.0% 4.0%

The average age of VocaLink permanent employees is 41.5 years.

Age profile

Cycle to Work

Childcare Vouchers

Pennies from Heaven

Payroll Giving

2010 35 78 295 14

2011 22 90 389 15

2012 25 89 440 12

2013 26 95 358 18

2014 30 96 346 18

Employee participation

VocaLink Average

National Average

2011 4.0 6.9

2012 4.6 6.4

2013 4.7 7.6

2014 3.5 6.6

Absence rates against industry average - average days per employee

Employees Takeup %

2010 735 530 72.1%

2011 761 562 73.9%

2012 783 539 68.8%

2013 783 533 68.1%

2014 760 572 75.3%

Healthcare takeup

Benefit band

6 5 4 3 2 1 VocaLink

2013 43.8% 31.5% 22.3% 28.7% 13.3% 28.6% 31.2%

2014 47.2% 31.1% 24.4% 27.6% 14.7% 25.0% 32.0%


VocaLink gender split

Female

32%Male

68%

More than philanthropyInspiring the next generation

“Our approach is to achieve mutual benefit for both parties as we share our expertise and create development opportunities for members of staff.”

Bryan SharkeyCustomer Services DirectorExecutive sponsor of the Community workstream


We partner with local charities to help them grow and develop by offering business skills as well as monetary donations. They benefit from our knowledge and us from theirs, introducing more commercial thinking and sharing resources, helping them improve their fundraising opportunities.

Supporting local charities is an important part of our Responsible Business Programme. As a large employer, we are very aware of our responsibilities to the local area.

We have partnership agreements in place with all our charity partners: Watford Mencap, Henshaws, Keech Hospice Care and London Air

Ambulance, which set out mutual expectations and achievements for the agreement period. As part of our commitments to each charity, we help facilitate charity days within our offices and encourage our colleagues to volunteer their skills, amongst numerous other activities.

In January 2014, we formed a two-year strategic partnership with London’s Air Ambulance (LAA), the charity that delivers an advanced trauma team to critically injured people in London.

Last year part of our work included forming a consultancy function for LAA, in which we provided our expertise to help LAA form a strategy to generate additional income through regular giving and

on-off donations. This included assessing the shortlisted payment platform provider; the direct debit requirements and LAA’s need for banking and Bacs reporting.

We recognise the benefits of sharing expertise to strengthen our surrounding communities, promoting the company, developing employees, and creating a positive impact.

In addition to apprenticeship, industrial placement and trainee schemes, we encourage our

employees to use a volunteering day to support various local schools, charities and programmes.

In 2014 we saw the benefits of supporting Young Enterprise, a nationally recognised programme which takes students on an inspiring journey of exploration

through the world of work, financial capability and enterprise, helping them understand how people and businesses work together. Examples include understanding the logistics of planning and building a city, setting up a business and recognising your customers, prioritising and making decisions about money.


“Taking part in Young Enterprise is something I would recommend to anyone, regardless of what stage they are at in their career. The primary programme takes 5-11 year olds through the world of work in a fun and engaging way and also allows the presenter to bring their own business experience to life in a classroom. I particularly enjoyed helping my class of 10 year olds build a marketing plan for their own apple juice product – they even designed their own cartons!” Cara O’nionsMarketing and Customer Insight Director

“I took the opportunity to take part in the Young Enterprise Company Programme with Rickmansworth School. The key factor I gained from this experience was the confidence to deliver to an audience of any level, once you have held the attention of 25 15 year olds for an hour, a group of colleagues and peers seems a lot less daunting! The students in the company programme have to apply strict self-discipline, preparing agendas and taking minutes and are completely responsible for their own time. The skills they learn will be essential for a successful career, business, or even success in later education, and helping them do that, along with the reward of watching students excel in something they clearly enjoy has been invaluable.”

Ed HawkenTrainee Business Systems Analyst

“Improving the donation experience and making the process easier for our supporters will enhance our fundraising effectiveness, allowing us to continue our life-saving work. As organisations that are both renowned for excellence and built on values of innovation and leadership, we believe this partnership has scope to support the ongoing transformation of the charity and would like to thank VocaLink employees for choosing us as their charity.”

Graham Hodgkin CEO of London’s Air Ambulance

In 2014 we made contributions totalling £32,068 to charity and community projects. No contributions to political parties were made. Any funds we raise internally are matched by the company to double the total donated to the charity.

A partner profile – London’s Air Ambulance

54volunteeringdays taken

in 2014

2014 targets and performance


Target Achieved 2015 targets

Community

8.52% increase in FPS transactions volumes from Oct 2013 – Sept 2014

Achieved 13.96% 13.96%

Appoint 20 Industrial Placements/trainees/ apprenticeships

12 Trainee roles filled during 2014 – 10 male and 2 female

12 Industrial Placement Students during 2014 – 6 male and 6 female

24 trainees or IP students

95% of trainees pass probation Achieved 95%

3 individuals in growing talent pool promoted

20 promoted (7 women and 13 men) 20 promotions

90% of growing talent pool retained 94% retained in talent pool 94%

2 people within the growing talent pool to be placed on secondments

Achieved 2

35 volunteering days taken by staff Nov 2013 – Oct 2014

54 volunteering days recorded 60 days

Environment

Keep electricity use to under 8500 tonnes CO2e

7883 tonnes CO2e 7883 tonnes CO2e

Total generated waste 150 tonnes Total generated waste 136 tonnes 136 tonnes

Reduce waste sent to landfill to under 20% of total waste

4.74% of waste sent to landfill 4.74%

Reduce cost of waste management by 30% (2013 spend £30,000)

Cost of waste management reduced by 23.3%

3% reduction of electricity consumption by our Northern site

Process atleast 590,000 transactions per m3 of water consumed (Nov 2013 – Oct 2014)

534,405 transactions per m3 of water consumed

550,000

Target Achieved 2015 targets

Marketplace

7% of spend to be directed to businesses located within 10km of VocaLink’s main sites (

8% of spend was directed to businesses located within 10km of VocaLink’s main sites

7%

75% of customers score 8/10 or above for satisfaction

91.9% 77.5%

Achieve ICS Service Mark accreditation Achieved Achieve ICS Service Mark accreditation

Review supplier list and convert all SMEs to 14 day payment terms by 28 November 2014

Achieved Ensure all SME suppliers converted to 14 day payment terms

2% of spend to be directed to SMEs 3% achieved 3%

People

Turnover at or below corporate target of 11%

Achieved 7.71% 7.71%

Staff satisfaction scores: 75% aggregated score across all staff satisfaction questions

Achieved 75.6% VocaLink to achieve top 30% of companies nationally in Best Companies Survey

Permanent to Contractor ratio of 85:15 Currently 93:7 93:7

5% increase on number of female and ethnic minority males employed within the organisation

2.3% increase 8% of females promoted via a grade change


Independent Assurance Statement

This is the second, consecutive year that csr4u have been engaged to provide independent assurance of the VocaLink Responsible Business Report, evaluating adherence to the principles of Accountability AA1000 Assurance Standard (2008). Those principles concern the inclusivity, materiality and responsiveness of a business’

sustainable business practices, and we were asked to provide moderate level Type 1 assurance.

In order to carry out this assurance, we have evaluated the publicly disclosed information and the responsible business systems and processes VocaLink have in place.

The VocaLink Responsible Business Board is responsible for compiling and preparing the report. csr4u were not involved in the preparation of the report, however feedback concerning clarity of information contained in

the report was given during the draft stages. This statement is our opinion and intended to inform VocaLink stakeholders in a balanced way. The review was carried out by Ricky Alfred, Managing Consultant of csr4u.

Following the review of the report it is the opinion of csr4u that VocaLink continue to adhere to the Principles of AA1000AS (2008), and we have no reason to doubt the veracity of data within the report or additional information given to us.

We are also certain that the future development of the strategy and the programmes will continue to have those principles at their centre, promoting the sustainability of VocaLink and their stakeholders.

Signed

Ricky Alfredcsr4uLeeds, West YorkshireFebruary, 2015

csr4u are a consultancy that provides strategic and tactical support to businesses on sustainability and CSR issues in order to improve performance in these areas.

More information can be found at www.csr4u.co.uk

In order to form that opinion, information was assessed using the following methods:

• Review of the information contained within the report, including supporting documents provided upon request and other relevant publicly available information

• Facilitated contact with members of the Responsible Business Board as and when required

• Liaise with key individuals responsible for compiling the report, co-ordinating with those individuals responsible for the ‘workstreams’

• Review of the processes in place to engage with Stakeholders, however there was no direct contact with Stakeholders, except those staff as mentioned above.

Inclusivity: the participation of stakeholders in developing and achieving an accountable and strategic response to sustainability.

VocaLink continues to engage well with key stakeholders, both internal and external, and appears to be constantly striving to find more effective ways in which to do this. This includes a newly launched staff engagement programme of consultations and workshops seeking to transform the way they work. They have also sought the opinions of their stakeholders in order to gauge the importance they place on responsible business and how VocaLink are performing. The relationships with those stakeholders that are also shareholders continue to be managed in an appropriate and beneficial manner.

Materiality: determining the relevance and significance of an issue to an organisation and its stakeholders.

Awareness of the economic, environmental and social issues that affect the business’ sustainability and those of its stakeholders are clear in

shaping both the responsible business activity and the overall business strategy. They maintain a focus on issues such as financial inclusion, sustainable supply chain management, a motivated, able workforce and the environmental impact of operations including the data centre performance are in place to manage those issues and impacts.

Responsiveness: how an organisation responds to stakeholder issues

There are targets in place that seek to address sustainability issues across all four ‘workstreams’ and the majority of them were achieved in 2014, with those that were not achieved having valid explanations. The business is currently reviewing all targets and objectives to ensure they remain relevant and which may see changes and/or additions to those currently set for 2015.

It was good to see the expansion of the ‘Marketplace’ programme that supports SMEs that often provide niche support skills through reduced invoice payment terms to those businesses. This was done by putting

an auto-enrolment process in place for the scheme which continues to have a direct impact upon the sustainability of all parties. The development and use of ‘partnership agreements’ with their charity partners is an excellent way of ensuring those relationships are sustainable and beneficial to all. Working with new partners has also enabled the business to be better placed to manage and account for the waste that it produces, which has proved to be extremely positive.

A recommendation would be that the review of objectives and targets currently being undertaken should lead to longer term targets being put in place, beyond the current annual measurements.

Scope

Role of the VocaLink Responsible Business Board and of the assurance provider

Overall opinion

The process

The Principles

Responsible Business statement

VocaLink process billions of payments in the UK every year. We are at the heart of the community with our innovative, sustainable, and highly efficient payment services touching the lives of almost every personal and business bank account in the UK.

We seek to drive beyond industry best practice in everything we do, and set the standard as an innovative business partner. This includes the way that we think about our own sustainability programme, and the positive impact that we can have in communities where people use payments to support their day to day lives. We work to minimise the key social and environmental impacts in order to improve our business sustainability. Our business strategy is centred on delivering long-term stability and value, not just short-term performance.

VocaLink adds significant value to the economy through the provision of innovative, efficient payment services, focussing on connecting the consumer with business and government with ever more convenient and safe ways to pay.

In five years’ time there may be no need to write a cheque or pay by cash; every consumer and business will have the opportunity to request or make convenient, instant payments to and from their mobile phones. This kind of sustainable and innovative payment services is our speciality. We are delivering an inclusive payments network, encompassing everyone, with VocaLink technology at the heart of it.

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01/0

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Head OfficeVocaLinkDrake HouseHomestead RoadRickmansworthWD3 1FXUnited Kingdom

+44 (0)870 165 [email protected]

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