VocaLink operates the UK's Faster Payments rails and is soon to launch a national 'Pay by bank' mobile app with the support of UK banks under the Zapp brand. The Faster Payments architecture has since been exported to Singapore, where it underpins the country's Fast payments service.

The VocaLink and NITMX collaboration intends to deliver immediate mobile payments and services to banks, consumers and businesses, underpinned by an instant payment capability based on the ISO20022 standard.

Wanna Notarbhorn, managing director at National ITMX says: “We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems. We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand.”

Since launch in 2008, the UK's Faster Payments scheme has securely processed over 4 billion payments.

Paul Stoddart, managing director, strategy, products, marketing & business development at VocaLink, says the UK experience demonstrates that real-time technology drives benefits throughout the payments value chain and into the wider economy.

"A real time mobile payments system is a core enabler of applications that connect and engage banks and their customers - from P2P payments to mobile commerce," he says. "It supports the development of an inclusive digital economy that benefits consumers, businesses and the wider economy."

The deal was announced at the international Sibos conference in Singapore, where the worldwide push to introduce instant payments features high on the agenda.