Vocalink has partnered with e-commerce payments processor First Data and consultancy Accenture to introduce in Australia the technology for a real-time payments system.
The Immediate Payments software solution will enable users to transfer funds between bank accounts in real time instead of one-to-three days, along the lines of UK’s Faster Payments, launched by VocaLink in 2008.
“Today’s mobile, digital consumer is increasingly likely to require services – including payments – to be delivered reliably, securely and instantly, 24-hours-a-day, 365-days-a-year,” said VocaLink chief executive officer David Yates.
The partnership attempts to seize the opportunity offered by the Reserve Bank of Australia’s decision to review the country’s payments system and enable real-time retail payments by 2016.
VocaLink seeks to expand worldwide through local partnerships and said it will continue to focus its attention in the Asia-Pacific region.