OSAKA, Japan, October 29, 2012 /PRNewswire/ --
VocaLink, the international payments provider today announced a partnership with BCSIS Pte Ltd, the Asian payments solution provider based in Singapore, to market, implement and support VocaLink's Immediate Payments solution. Immediate Payments will enable 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 on-line channels.
Marc Terry, Managing Director of Commercial Services at VocaLink said "We are delighted to announce this agreement with BCSIS. 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 the acknowledged skills and capabilities and we look forward to working with them to deliver these solutions."
Under the agreement, BCSIS will promote, implement and support VocaLink's Immediate Payments product in conjunction with VocaLink's payments technology expertise. VocaLink designed, built and delivers the real-time Faster Payments Service in the UK and has taken this unique expertise forward with its Immediate Payments software solution, currently being deployed internationally. With its proven 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.
Ricky Lim, Managing Director at BCSIS, commented "VocaLink is a pioneer in delivering smarter international payments solutions and we are proud and excited to be working in partnership to offer a compelling proposition for banks and payment service providers. 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."
Following the announcement from the Association of Banks in Singapore (ABS), VocaLink and BCSIS are pleased to be working together to deliver a real-time payments infrastructure for Singapore. Consumers and businesses will be able to transfer funds electronically to any bank in real time instead of the two to three business days that it now takes.
Notes to Editors
VocaLink is attending Sibos: 29 October/1 November 2012 at Intex Centre, Osaka, Japan. To find out more please click on the link: http://www.vocalink.com/about-vocalink/events/sibos-2012.aspx
VocaLink designs, builds and operates world-class payment systems and ATM switching platforms. We operate the UK national payments infrastructure, a national grid for payments.
Our services touch the lives of almost everyone in the UK. Through our systems we process over 90% of UK salaries, more than 70% of household bills and almost all state benefits. VocaLink technology powers the Bacs and Direct Debit schemes as well as connecting the world's busiest network of over 65,000 ATMs through the LINK scheme.
Our platforms have made it easier to make payments confidently, securely and cost effectively. All interbank payments pass through our systems and in 2011 we processed over 9.6 billion UK payments with a value of over £4.4 trillion.
VocaLink, with its vision and proven capability, is leading the way in payments. We provide the infrastructure for the Faster Payments Service, which helps businesses and individuals realise the value and benefit of real-time payments. VocaLink is at the forefront of mobile payments, driving a new era of ultra-convenient commerce.
Established in 1988, BCSIS has enabled banks, businesses and consumers to effect payment transactions with ease, immediacy and efficiency with its high value and low value clearing and payment systems. Based in Singapore, BCSIS is the architect of the island nation's premier real time payment infrastructure for low value transactions. This new framework creates new opportunities for the entire ecosystem of banks, clearing houses, businesses and consumers to interact in ways never possible before. To date, BCSIS has developed and successfully implemented clearing, payment and banking systems for many satisfied customers from Bahrain, Brazil, China, Hong Kong SAR, Indonesia, Malaysia, Singapore, Sri Lanka, Taiwan to Thailand. Through innovation, BCSIS continues to shape the future through ground-breaking clearing and payment solutions that accelerate the speed of commerce around the world.
Disclaimer: All news releases are considered to be accurate at the time of original publication.