VocaLink and BCSIS Offer Immediate Payments Partnership in Singapore
International payments provider VocaLink is partnering with BCSIS, the Asian payments solution provider based in Singapore, to market, implement and support VocaLink’s Immediate Payments platform. The vendors claim that Immediate Payments will enable Asian banks to offer consumers and businesses the ability to transfer funds between bank accounts in real time and to deliver innovative products and services based on mobile and online channels.
Under the partnership agreement BCSIS will promote, implement and support VocaLink’s Immediate Payments product in conjunction with VocaLink’s payments technology expertise. VocaLink operates the real-time Faster Payments Service (FPS) in the UK and has taken this expertise forward with its Immediate Payments software solution, currently being deployed internationally. With its experience in the provision of clearing, payments and banking systems, BCSIS brings to the table its expertise and ability to deliver payments solutions in the region. Consumers and businesses will be able to transfer funds electronically to any bank in real-time, instead of the current two to three business days. This is how long it used to take to transfer funds in the UK, until the advent of the FPS.
“We are delighted to announce this agreement with BCSIS,” said Marc Terry, VocaLink’s managing director of commercial services. “Our aim is to provide payments solutions that enable innovation in the financial services industry in Singapore and other territories in the region. We strongly believe this is best achieved through a collaborative approach, partnering with local experts such as BCSIS who have acknowledged skills and capabilities. We look forward to working with them to deliver these solutions.”
Ricky Lim, managing director at BCSIS, added: “Bulk payment and new electronic giro solutions will also be part of our offering to provide a full suite of high and low value payment systems. With our expertise in clearing and payment solutions, we see great synergy in this partnership with VocaLink for the creation of more innovative payment systems.”