UK-based VocaLink, an international payments system provider, has launched its new platform ‘Fast’ (for ‘fast and secure transfers’) in Singapore, allowing users to send funds from bank to bank ‘almost immediately’.
Singaporean businesses and consumers are now able to electronically make payments between accounts held at participating banks in seconds – instead of the usual two to three working days – and 24 hours a day, seven days a week.
Customers can transfer up to SGD10,000 ($8,015) in each transaction.
The new system, which was modelled on the UK’s ‘Faster Payments Service’, received the backing of the Association of Banks in Singapore, which includes 14 financial institutions in the country.
BCS Information Systems (BCSIS), an Asian payments solution provider, has been chosen by VocaLink to deliver the service.
Ricky Lim, managing director at BCSIS, commented: "Singapore is an early adopter of real-time payment capabilities and we expect other countries in the region to take up this innovative technology in the coming years."
David Yates, CEO at VocaLink, said: "Demand for the Faster Payments Service in the UK has grown every year since its launch in 2008 as more consumers and businesses appreciate the benefits of real-time payments.
"We now have ambitious plans for rolling out our ‘Immediate Payments’ technology across the globe."