Singapore-based company NCS has forged a partnership with the Network for Electronic Transfers (NETS) Group to create a new real-time electronic payment and securities settlement platform for central banks.
The strategic collaboration will leverage NCS’ expertise in developing secure digital and complex government applications and infrastructure, and NETS’ capabilities as an innovator in cross-border payments.
As per the agreement, the companies will conduct research and development of a new generation central bank real-time Electronic Payment and Securities Settlement Platform.
NCS claims that the secure platform will facilitate interoperability with current and future payment systems as well as support high-value inter-bank fund transfers.
“This will enhance the way central banks deliver monetary policies and critical market infrastructure to support financial stability, benefitting banks and new participants in the payment ecosystem,” NCS said in a press statement.
The collaboration also covers the joint development of an advanced suite of central banking products, which can be customised according to the regulatory needs of different financial markets.
NCS CEO Ng Kuo Pin said: “While we continue to strengthen our core services, we are also investing in our NEXT digital capabilities to develop local-IP fintech products and platforms to fuel our growth in the financial services sector.
“We are pleased to partner with NETS to develop the Electronic Payment Platform for central banks. With a common go-to-market strategy to expand our footprint in the region, our collaboration also signifies NCS’ commitment to team with a select group of strategic partners to jointly make an impact in the market.”
NETS interim group CEO Ricky Lim said: “The new platform will potentially change the way consumers and businesses make cross-border transactions, which is now a big part of our strategy going forward.
“As we leverage on NCS’ integrated digital capabilities to drive payment ecosystems in the region, we hope to make it easier for cross-border payments to take place in a fast, secure and cost-efficient manner. Being an established critical payments provider in Singapore, NETS is well-positioned to achieve that.”