VocaLink sets out its vision for mobile payments in the UK and international market
Following the recent announcement that the Payments Council is creating a platform for all UK banks to provide peer-to-peer mobile payments to their customers, new Chief Executive Officer at VocaLink, David Yates, talks for the first time about the investment that VocaLink has already made in the mobile channel and its future plans to deliver transformational mobile payment services to the banking industry.
David Yates, Chief Executive Officer at VocaLink, said: “We are delighted to support the industry by providing the central database at the heart of the Payments Council’s ubiquitous mobile payments platform which will be available for customers of all banks and building societies. Our heritage in delivering highly secure, immediate payments was a core requirement for the project and we are primed to make use of our existing interoperable infrastructure for innovations such as mobile payments.
“The critical requirements that must be met to ensure the initial uptake of mobile payments in the UK are already fundamental to VocaLink’s business. We have proven expertise in building and operating secure and scalable payment infrastructures, such as the Faster Payments Service, and have successfully processed over 1 billion faster payment transactions since the service went live in 2008.
“Over the past two years, VocaLink has been working closely with the payments industry to encourage all stakeholders to embrace the mobile revolution and develop cutting edge services for their customers. However, where we are today is just the beginning.
“The Payments Council project will enable banks to move from informational to transactional mobile financial services. But as they begin to offer real-time mobile payments through our infrastructure, we are already supporting the industry in preparing for the next stage in mobile financial services.
“The future of mobile payments depends on looking beyond the boundaries of card based networks. We are creating opportunities for banks to offer more than just P2P payments and facilitate all types of interbank payments via mobile.
“This innovation led approach will ensure that we continue to deliver tangible business benefit to our customers across the financial services sector by helping them to remain competitive. We will continue to offer innovation at the heart of payments services in the UK and look forward to sharing more news about our work in 2012.”