The Singapore challenge
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.
The core technology
VocaLink could deliver a practical solution, Immediate Payments (IPS), and also offer practical support during the implementation and beyond. BCS could embed IPS into its local operational systems to accelerate the delivery of the overall FAST solution.
The FAST project was launched in March 2014. The service enables customers of the 14 participating banks to perform interbank transfers of up to S$10,000.
Read how VocaLink real-time payments technology has helped provide a strategic payments platform in Singapore.
VocaLink is a global payments partner relied on by financial institutions, corporates and governments - we underpin the majority of UK electronic 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.
We are at the forefront of mobile payments and Zapp, the UK’s leading mobile payment innovation, is empowering consumers to be able to make secure real-time consumer to merchant payments through existing mobile banking services.