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.