VocaLink, the international payments provider, and Fundtech (NASDAQ:FNDT), a market leader in global transaction banking solutions, have signed a global partnership to offer Immediate Payments. The collaboration means that banks can provide their customers with an end-to-end, inter-bank, real-time payments service that delivers greater convenience and control. The solution is designed to cater for low-value payments and is available through multi-channel service options such as mobile and browser.
Building on the success of Faster Payments Service that was launched in the UK in 2008, VocaLink and Fundtech are joining forces to assist other countries in their move to Immediate Payments. The partnership means that banks can support real-time payment processing, from the central switch thorough to a bankâs back office. Banks will be able to transition their existing payments capability to a real-time, immediate service. VocaLink and Fundtech have identified the Asia Pacific market as one of the core growth opportunity for this service.
Financial institutions will be able to service corporate and consumer customers demanding faster payments and integrate this with 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. These new payments capabilities will be delivered through Fundtechâs Global PAYplus â Services Platform.
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 Fundtech to accelerate the move towards global immediate payments.â
Gil Gadot, Fundtechâs Managing Director of Asia Pacific, said: âProviding the technology to banks that enable them to better serve their customers with Immediate Payments is an important part of our product strategy, especially for the Asia Pacific region. Partnering with VocaLink ensures that we are able to deliver a complete, high end, reliable service to the market, and we look forward to working with VocaLink in markets outside of the UK to develop this innovative new payments capability.â