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VocaLink Fosters Faster Payments Down Under

Published on Thursday, September 13, 2012

VocaLink, the bank-owned operator of the Faster Payments Service, is to partner with First Data and Accenture to bring same-day payments to Australia. The bank-owned organisation launched Faster Payments in the UK in 2008 and transactions volumes have surged to £1bn worth a day.

The existing infrastructure has been developed into a global offering known as Immediate Payments, and hopes to distribute this service around the world, starting with Australia. The country's Reserve Bank recently published a Strategic Review of Innovation in the Payments System, which recommends establishment of a real-time payments service by 2016.

The technical, operational and governance specifics are yet to be ironed out, with the trio entering an "exclusive teaming agreement." This is just the first step, with input sought from key industry partners to develop the intricacies of such an offering.

VocaLink is confident of the proposals and hopes to quickly roll out a round-the-clock service once details are finalised.