VocaLink designed, built and manages the real-time technology behind the UK Faster Mobile banking, business and finance, paymentscardsandmobile.com reports. Since launch in 2008, the service has processed over 4 billion payments.
VocaLink has developed its real-time technology to develop its Immediate Payments Solution, which adopts the ISO 20022 message standard to support more data sets. VocaLink’s Immediate Payments Solution already powers the FAST payments service in Singapore, which has enabled it to become one of the world’s most advanced payments markets.
The VocaLink and NITMX collaboration intends to deliver mobile payments and services to banks, consumers and businesses, underpinned by a payment capability based on the ISO20022 standard. It will enable people to pay to whomever and whenever they want, and businesses can improve cash flow, the e- and mcommerce experience for their customers and reduce drop out rates and fraud. The UK experience demonstrates that real-time technology drives benefits throughout the payments value chain and into the wider economy.
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