VocaLink has amassed a wealth of knowledge and expertise of real-time payments systems following key roles in deploying and operating the UK Faster Payments Service, the LINK ATM network and FAST a new real-time system in Singapore, which went live in 2014. Our experience in Singapore suggests that we can offer a great deal of practical assistance throughout the lifecycle of a real-time payments system deployment. We have successfully run the UK Faster Payments Service, on behalf of the Faster Payments Scheme, for over five years which has provided invaluable practitioner knowledge and insight.
VocaLink has engineered a solution to cater for the universal needs of the market, based on our experience of building and running mission-critical systems. Our discussions with banks, ACHs and central banks around the world have revealed a strong demand for expert support and guidance. For example the complexities involved in operating a 24/7 real-time system is a massive departure from operating a batch system and/or systems which rely on off-peak hours for
maintenance. Other major challenges vary from; how to deliver and coordinate multiple stakeholders, how and what’s required to on-board customer banks and the best approach to utilise the mobile and online channel for payments initiation. VocaLink provides experienced people to support a project throughout its lifecycle, from project initiation right through to running an effective operation.
We also support the formulation of the end-to-end systems design, expertise in the development of scheme rules and documentation of business, operational and generic roles and responsibilities. Practical experience of the key stages and the potential pitfalls reduces the cost and increases the speed of deployment whilst enhancing the efficiency of the infrastructure, particularly when considering how to exploit the real-time system capability to create value for end users.