VocaLink launched the UKs Faster Payments Service in May 2008 and to date it has processed more than one billion transactions, both online and through traditional inter-bank transfers.
VocaLink and Clear2Pay are now partnering to provide a solution that supports real-time payment processing from the central switch thorough to a banks back office. The combined capabilities deliver a national, real time payments capability that enables banks to make a transition from their existing payments capability to a real-time, immediate service.
The new offering allows financial institutions to integrate their systems with the Immediate Payments solution. This is expected to facilitate the global adoption of new payment channels, such as p2p (peer-to-peer) payments via the mobile.
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