Since VocaLink launched of the UKâs Faster Payments Service in May 2008, the company has securely processed more than one billion transactions, both online and through traditional inter-bank transfers.
Building on the success of the real-time payments infrastructure, VocaLink and Clear2Pay are now partnering to provide an end-to-end solution that supports real-time payment processing from the central switch thorough to a bankâs back office. The combined capabilities deliver a national, real time payments capability and a proven solution that enables banks to make an efficient and effective transition from their existing payments capability to a real-time, immediate service.
The new offering means financial institutions can integrate their systems with the Immediate Payments solution and, for the first time, realise and pass on the benefits of Immediate Payments to their corporate and consumer customers. This will facilitate the global adoption of new payment channels, such as p2p (peer-to-peer) payments via the mobile. Not only does this present a richer consumer proposition, but it also reduces settlement risk, and keeps money flowing within the economy.
Marc Terry, Managing Director, Global Transaction Services at VocaLink, said âThe drive towards immediacy in payments is becoming increasingly important as consumers want to make payments from anywhere, at anytime. At VocaLink we understand the need for an integrated end-to-end payments system and are extremely pleased to be working with Clear2Pay to accelerate the move towards global immediate payments.â
Mark Hartley, Chief Marketing Officer at Clear2Pay says: âCentral banks and governments around the world see benefits in Immediate Payment schemes in the sense of reduced settlement risk a richer consumer proposition and equally important, a higher velocity of money within the economy. As such the market urgently calls for new and secure schemes without having to reinvent the wheel. This co-operation between Vocalink and Clear2Payâs technology offers just that to the market today.â