VocaLink, a British payments solution firm, has teamed up with Thailand’s interbank payments network National ITMX, with the two groups looking to deploy a mobile payments network in the country.
The partnership was announced at the international Sibos conference in Singapore, where transaction experts gathered to discuss global payment innovation.
VocaLink has become one of the largest payment firms in the UK, and now looks to launch a ‘Pay by bank’ mobile application that has gained support from a number of British banks.
Operating the Faster Payments network, VocaLink has also made strides to connect other countries to its mobile payments network, most notably Singapore in May 2014.
Now targeting the Thailand market, VocaLink’s partnership with National ITMX looks to establish mobile payments and services to banks, consumers and businesses.
‘Forefront of payments innovation’
This new collaboration will be powered by an instant payment capability based on the ISO20022 standard. This is something that Wanna Notarbhorn, managing director at NITMX, is looking forward to witnessing.
‘‘We are at the forefront of payments innovation and aim to continually improve our services. We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems,’’ commented Notarbhorn.
‘‘We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand.’’
Paul Stoddart, managing director, strategy, products, marketing and business development at VocaLink, explained the values of a mobile payments system on a country’s economy.
‘‘A real time mobile payments system is a core enabler of applications that connect and engage banks and their customers – from P2P payments to mobile commerce,’’ said Stoddart.
‘‘It supports the development of an inclusive digital economy that benefits consumers, businesses and the wider economy.’’
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