VocaLink has announced it has modernised the payments landscape in Singapore with an innovative real-time payments platform, FAST.
With FAST, businesses and consumers in Singapore are able to electronically transfer funds between accounts held at participating financial institutions in seconds. As part of the agreement with the Association of Banks in Singapore, VocaLink has partnered with BCS Information Systems Pte Ltd (BCSIS), the Asian payments solution provider to deliver this service.
David Yates, Chief Executive Officer 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. The successful launch of FAST in Singapore in partnership with BCSIS is therefore a significant milestone in delivering this strategy and we expect to reach many other territories in the years ahead.”
Ricky Lim, Managing Director at BCSIS, said: “With our expertise in clearing and payment solutions in Asia, and in working with VocaLink, we have been able to deliver FAST successfully in Singapore. It is encouraging to see significant volumes coming through FAST even though it has just been launched to the public.”
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more
