The new technology will enable banks to allow consumers and businesses to transfer funds between bank accounts, to deliver new products and services through mobile as well as online. The companies have started working to deliver a payments infrastructure for Singapore, after receiving approval from Association of Banks in Singapore (ABS).
Founded in 1988, BCSIS offers technologies to banks, businesses and consumers to enable them to carry out payment transactions.
VocaLink designs, builds and operates payment systems and ATM switching platforms. In recent news, VocaLink has partnered US-based electronic commerce and payment processing company First Data and management consulting, technology services and outsourcing company Accenture to introduce a technical solution for Immediate Payments in Australia.
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