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VocaLink partners BCSIS on Immediate Payments in Singapore

29 October 2012  |  8202 views  |  0 Singapore Building 1

VocaLink has teamed up with Singapore's BCSIS to roll out its Immediate Payments technology at the banks in the Asian country.

Last year British bank-owned VocaLink sought to capitalise on the infrastructure it developed for the UK's Faster Payments Service with a global offering.

Immediate Payments is designed to enable banks to offer consumers and businesses the ability to transfer funds between accounts in real time and to deliver mobile and online products and services.

The British firm has focussed its efforts on the Asia Pacific market, inking a deal with Fundtech at launch before working with First Data and Accenture earlier this year to pitch the technology in Australia.

Now it has trained its eye on Singapore, with local expert BCSIS on-board to help promote, implement and support Immediate Payments. So far, VocaLink says, more than 10 banks are committed to go live with the service, and more will join in subsequent tranches.

Marc Terry, MD, commercial services, VocaLink, says: "We strongly believe this is best achieved through a collaborative approach, partnering with local experts such as BCSIS who have the acknowledged skills and capabilities and we look forward to working with them to deliver these solutions."

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