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May 8, 2014updated 04 Apr 2017 4:07pm

VocaLink launches ‘Fast’ payments service in Singapore

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’.

By Rozenn Le

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’.

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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."

Related articles:

New electronic funds transfer service announced in Singapore

Faster Payments Service pushes the accelerator

Onebip by Neomobile and SingTel bring mobile billing payment to Singaporeans

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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