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Singapore taps VocaLink for faster payments

08 May 2014  |  9201 views  |  2 Singapore Building 1

Singapore has gone live with a real-time national payments system built by VocaLink and based on the UK's Faster Payments.

Designed, built and implemented by VocaLink and local partner BCSIS, the new Fast platform has the backing of 14 banks in the sovereign city state.

The system will let businesses and consumers electronically transfer funds between accounts in seconds - instead of the two to three business days it used to take.

Bank-owned VocaLink launched the UK's Faster Payments in May 2008 and the service has already processed over three billion payments. The firm is now using the rails to facilitate new services, including its Zapp mobile payments venture.

Meanwhile, it has also been seeking to export the technology around the world, partnering with several vendors, including First Data and Accenture, to pitch to countries such as Australia, which aims to have a real-time payments system in place by 2016.

David Yates, CEO, VocaLink, says: "We now have ambitious plans for rolling out our Immediate Payments technology across the globe. The successful launch of Fast in Singapore in partnership with BCSIS is therefore a significant milestone in delivering this strategy and we expect to reach many other territories in the years ahead."

Comments: (2)

A Finextra member
A Finextra member | 08 May, 2014, 13:16

Congratulations Singapore and well done VocaLink. Australia next?

 

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John Candido
John Candido - Black Cabs - Melbourne | 09 May, 2014, 06:59

Australia is working towards the same goal, and will hopefully have this facility somewhere around late 2016 or early 2017. In Australia's case it is being led by accounting firm KPMG, all banks, credit unions and building societies, under the auspicies of the Austalian Payments Clearing Association (APCA) www.apca.com.au 

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