Immediate Payments in Singapore thanks to VocaLink and BCSIS link-up

29 October 2012

VocaLink is entering into a marketing and installation support partnership with BCSIS, the Asian payments solution vendor based in Singapore, to increase the geographical reach of its Immediate Payments platform.

The payments processing platform, which uses the same technology as UK’s Faster Payments Service (FPS), allows banks to give consumers and corporations the ability to transfer funds between bank accounts in near real time and to deliver new products and services based upon the growing 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 FPS in the UK, which eliminated the previous three-day clearing wait in the country after government intervened, and has taken this expertise forward with its Immediate Payments software solution, which is now seeking to deploy around the world.

BCSIS is experienced in the provision of clearing, payments and banking systems in the Asian region so is an ideal partner for VocaLink in the region. Similarly the move towards eliminating the two to three days it currently takes to transfer funds electronically in Singapore and in some other Asian countries mirrors the earlier move towards the FPS in the UK.

“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.”

According to Ricky Lim, managing director at BCSIS: “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.”

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