On 8th May 2014, global payments partner – Vocalink – announced a new innovative real-time payments platform for Singapore, called FAST. The new platform has been designed based on the UK’s Faster Payments Service which has securely processed over 3 Bn Faster Payments within five years.
“Demand for the Faster Payments Service in the UK has grown every year since its launch in 2008 as more consumers and businesses appreciate the benefits of real-time payments. We now have ambitious plans for rolling out our Immediate Payments technology across the globe,” stated David Yates, CEO at VocaLink, in a press release. “The successful launch of FAST in Singapore in partnership with BCSIS is therefore a significant milestone in delivering this strategy and we expect to reach many other territories in the years ahead,” he added.
- This new Singapore payments system has the backing of the leading financial institutions in the sovereign city state and counts 14 banks in total.
- With FAST, businesses and consumers in Singapore are able to electronically transfer funds between accounts held at participating financial institutions within seconds rather than the usual 2 or 3 business days it used to take, says the company.
- VocaLink has partnered with BCS Information Systems Pte Ltd (BCSIS), the Asian payments solution provider, as part of the agreement with the Association of Banks in Singapore, to deliver this service.
- Faster Payments Service has provided a real-time platform for innovation, In the UK.
“With our expertise in clearing and payment solutions in Asia, and in working with VocaLink, we have been able to deliver FAST successfully in Singapore. It is encouraging to see significant volumes coming through FAST even though it has just been launched to the public. There is now enormous scope to grow digital services associated with the scheme, with a particular emphasis on mobile payments,” stated MD at BCSIS, Ricky Lim, in the same release. “Singapore is an early adopter of real-time payment capabilities and we expect other countries in the region to take up this innovative technology in the coming years.”