According to the companies, this deal will see the creation of a new integrated service that will deliver processing of electronic payments (cheques, bulk and real-time) 24/7 x 365 days of the year.
CCE adds that benefits will include more efficient payment of salaries, insurance payouts, loans, small business invoicing and person-to-person payments.
In addition, CCE reckons competition within the financial services industry will be stimulated, as well as greater productivity of money, with a higher volume of transactions processed.
The revamp will include an implementation of Vocalink’s new Immediate Payments Solution (IPS) which will process and credit transfers in real-time, as well as enabling users to send and receive payments from their mobile phones using a phone number, without the need to supply the recipients’ bank details.
Vocalink, which was acquired by Mastercard in 2017 for USD 920 million, adds that its track record of national payment systems includes the implementation of Faster Payments in the UK and the launch of The Clearing House’s RTP in the US.
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