UK payment processor VocaLink has entered a distribution and implementation agreement for its Immediate Payments service with Singaporean payment solutions provider BCSIS.
Immediate Payments enables users to make account-to-account transfers in real time, through a number of channels, including online and mobile As part of the deal, BCSIS will support the distribution of the software to Singaporean banks.
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Marc Terry, managing director of commercial services at VocaLink said: "Our aim is to provide payments solutions that enable innovation in the financial services industry in Singapore and other territories in the region. We strongly believe this is best achieved through a collaborative approach, partnering with local experts such as BCSIS who have the acknowledged skills and capabilities and we look forward to working with them to deliver these solutions."
In March 2012, another payment solutions provider, Belgium-headquartered Clear2Pay, announced the launch of a similar product in the country, G3 Immediate Payment Solution, which allows financial institutions to process low-value payments in real-time.
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