Close the Country Overlay
Map of the world
Map Line

Brazil

Funds Transfer System - SITRAF

Live 2002

Learn more...>

Map Line

Chile

Transferencias en Linea - TEF

Live 2008

Learn more...>

Map Line

India

Immediate Payment Service - IMPS

Live 2010

Learn more... >

Map Line

Japan

Zengin System

Live 1973

Learn more...>

Map Line

Middle East

A new dawn for Middle East payments

Learn more...>

Map Line

Mexico

Systema de pagos electronicos interbancarios - SPEI

Live 2004

Learn more...>

Map Line

Nigeria

NIBSS Instant Payment

Map Line

Poland

Express Elixir

Live 2012

Learn more... >

Map Line

Singapore

Fast and Secure Transfers - FAST

Live 2014

Learn more...>

Map Line

South Africa

Real-Time Clearing

Live 2006

Learn more...>

Map Line

Sweden

Payments in Real Time

Live 2012

Learn more... >

Map Line

Switzerland

Swiss Interbank Clearing - SIC

Live 1987

Learn more...>

Map Line

Taiwan

CBC Interbank Funds Transfer System - CIFS

Map Line

Turkey

Turkish Interbank Clearing - TIC-RTGS

Map Line

UK

Faster Payments

Live 2008

Learn more...>

Select a country below

Brazil | Chile | India | Japan | Mexico | Middle East | Poland | Singapore

South Africa | Switzerland | Sweden | UK

The smarter way to Immediate Payments

Our track record in implementing national real-time payment solutions makes us ideally placed to help support the development of payment platforms around the world. Our Immediate Payments solution is tailored for implementation in international markets.

Scroll down for more
 

The emergence of
real-time payments

In May 2008 VocaLink delivered the Faster Payments Service on behalf of the Faster Payments Scheme – it is the largest real-time payment system in the world, operating 24 hours a day, 7 days a week, 365 days a year. The Faster Payments Service has been supporting UK businesses and consumers alike with real-time bank account to bank account transfers and we have seen significant year on year growth with over 3 billion payments being securely processed since the service was launched five years ago.

We are starting to see an increasing demand for real-time payments in other countries, with at least eleven real-time systems in operation or in development over the last decade. FAST (Fast and Secure Transfers), has gone live in Singapore, Australia is seeking to implement a New Payments Platform and the United States of America recently announced they are in the industry consultation phase.

Emergence of Real-Time
 

What is Real-time?

Real-time payments systems mean different things to different people. Some have confused it with Real-Time Gross Settlement Systems (RTGS), which are specifically designed to minimise risk in high value electronic payment settlement systems and are generally suited for low volume, high value transactions.

The emerging trend over the past decade has been towards low value real-time payments systems, which enable an interbank account-to-account payment that is posted and confirmed to the originating bank within one minute (so the payee receives and can use the value instantly and the payer has confirmation of the status of the transaction). The major variations occur with the frequency of settlement, which can be in real-time or periodically throughout the day.

What is real-time?
 
 

6 reasons to reform
payment systems

In the World Bank’s ‘Outcomes of the Global Payments Systems Survey 2010', 6 key factors were identified as having triggered the reform of payment systems worldwide. The most important factors were the need to improve efficiency, responding to technological innovation and a need to reduce systemic risk.

Findings from Lipis and Lipis research on market potential for real-time payments in 2013 found that a number of central banks, governments and payments associations are currently concerned with the development of financial inclusion initiatives, modernisation of payment systems, decreasing the use of cash for payments and promoting competition within financial services.

For automated clearing houses, the most important factors driving change are: the desire to increase relevance within the payments chain through the delivery of new technologies to grow their business, to circumvent the threat from card schemes and non-banks who are seeking to move their products into traditional and new payment domains, to avoid commoditisation occurring within traditional clearing and settlement services.

Business steps
 

The benefits of
real-time payments

The launch of a national real-time payments service, such as the Faster Payments Service in the UK, provides the foundation for a range of new banking and payment offerings, particularly in the mobile and online commerce areas.

Real-time enables a higher level of service, creates new revenue streams, enables new payment channels, lower risk, improves efficiencies and reduces the cost and reliance on cash and cheque processing.

 
 

The platform to underpin government agenda

Governments are among the largest users of the financial system in any modern economy. Tax collection, welfare payments, defence procurement, healthcare, education and innumerable public services all use the financial system and this equates to approximately 30 per cent of most countries automated clearing house volume.

Solution evolution statistics
 

Mobile payments

Consumers across the globe are adopting a 24/7 mobile lifestyle, evidenced by the fact that m-Commerce is growing 10 times faster than e-Commerce. It is critical that the underlying payments infrastructure is fit for purpose and capable of meeting the technological demands of overlay services in the digital age.

Solution evolution statistics
 
 

VocaLink: building and running real-time systems

VocaLink is a global payments partner relied on by financial institutions, corporates and governments to provide high availability and resilient payment solutions.

We operate class-leading payment clearing systems and ATM switching platforms which underpin the majority of UK electronic payments – we provide a national grid for payments. Our proven capability of implementing real-time payment systems in the UK has led to the development of immediate payment solutions for other countries.

Banking Technology
 
View the infographic
 

Download case studies

When Faster Payments launched it was the culmination of almost a decade’s worth of work to improve the speed of payment processing in the UK, starting with the Cruickshank Report and the Office of Fair Trading’s creation of the Payments Systems Task Force. To find out how the UK has benefited from over 5 years of faster payments, download the UK case study.

Singapore is an advanced economy that employs a variety of clearing and settlement systems. It needed to transform its payments infrastructure to offer instant interbank transfers. To find out how the Singapore payments industry realised its bold ambition of implementing immediate bank transfers and debit requests, download the Singapore case study.

VocaLink background papers
Download the case study
 
 

All data taken from VocaLink primary/secondary research, central bank websites and ACH/payment processors.