VocaLink, First Data and Accenture are planning to build a system similar to the UK's Faster Payments service in Australia, enabling consumers and businesses to transfer funds between bank accounts in near real-time.
Bank-owned VocaLink launched the UK's Faster Payments Service in May 2008, enabling Brits to make near real-time transfer of phone, Internet and standing order payment instructions.
Last year the processor sought to capitalise on the infrastructure it has developed with a global offering, Immediate Payments; signing deals with vendors Clear2Pay and Fundtech to help push the service around the world.
It has now teamed up with First Data and Accenture to target Australia, where the Reserve Bank recently carried out a strategic review of innovation in the country's payments system.
In June, two years after launching its review, the RBA laid out its conclusions, which include the objective of enabling real-time retail payments by 2016, adding that it believes that this "would best be delivered by the establishment of a real-time payments hub, rather than a web of bilateral links".
The three vendors have signed an "exclusive teaming agreement" in a bid to take advantage of this and will now seek input from key industry participants to collaboratively define, scope and develop the technical, operational and governance elements of the offering.
VocaLink says that it is already consulting with banks and other stakeholders and has received positive feedback, adding that it would not be making such a public pitch with its two partners if it was not confident. The company also says that, with its Immediate Payments system already developed, it is confident of being able to roll out a service quickly once agreements are in place.
David Yates, CEO, VocaLink, says: "Today's mobile, digital consumer is increasingly likely to require services - including payments - to be delivered reliably, securely and instantly, 24-hours-a-day,365-days-a-year. We're proud to partner with First Data and Accenture to provide the Australian public with this important and innovative service."
Last year the processor sought to capitalise on the infrastructure it has developed with a global offering, Immediate Payments; signing deals with vendors Clear2Pay and Fundtech to help push the service around the world.
It has now teamed up with First Data and Accenture to target Australia, where the Reserve Bank recently carried out a strategic review of innovation in the country's payments system.
In June, two years after launching its review, the RBA laid out its conclusions, which include the objective of enabling real-time retail payments by 2016, adding that it believes that this "would best be delivered by the establishment of a real-time payments hub, rather than a web of bilateral links".
The three vendors have signed an "exclusive teaming agreement" in a bid to take advantage of this and will now seek input from key industry participants to collaboratively define, scope and develop the technical, operational and governance elements of the offering.
VocaLink says that it is already consulting with banks and other stakeholders and has received positive feedback, adding that it would not be making such a public pitch with its two partners if it was not confident. The company also says that, with its Immediate Payments system already developed, it is confident of being able to roll out a service quickly once agreements are in place.
David Yates, CEO, VocaLink, says: "Today's mobile, digital consumer is increasingly likely to require services - including payments - to be delivered reliably, securely and instantly, 24-hours-a-day,365-days-a-year. We're proud to partner with First Data and Accenture to provide the Australian public with this important and innovative service."
Extract taken from: http://www.finextra.com/news/fullstory.aspx?newsitemid=24048
