The new platform has been modelled on the UK’s Faster Payments Service which has processed over 3 billion Faster Payments on a 5 years’ time period.
The payments system has been adopted by 14 local banks which, via FAST, enables businesses and consumers in Singapore to transfer funds between accounts held at participating financial institutions in a significant short period of time.
As part of the agreement with the Association of Banks in Singapore, VocaLink has partnered with BCS Information Systems (BCSIS), the Asian payments solution provider to deliver this service.
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