Mobile payments deal reached in Thailand with VocaLink
The company from the U.K. has now connected itself with the interbank payments network in the Asia Pacific Country
VocaLink, from the United Kingdom, has now signed an exclusive letter of intent with Thailand’s interbank payments network operator, National ITMX, in order to look into the development of a mobile payments system that would function over real time within the APAC nation.
VocaLink is the company behind the operation of the Faster Payments rails in the U.K., among other projects.
Under the Zapp brand, the company will also be launching a national “Pay by bank” mobile payments app in the U.K., with the support of that country’s banks. The architecture for the Faster Payments system has already been implemented in Singapore, where it is the foundation for the Fast payments service in that country. Now, VocaLink will collaborate with NITMX in order to offer real time smartphone transaction services to merchants, banks, and consumers, built on an instant payment capability platform based on the ISO20022 standard.
National ITMX selected VocaLink as a mobile payments partner due to its strong and extensive history.
The managing director of National ITMX, Wanna Notarbhorn, explained that “We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems. We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand.”
From the time of the Faster Payments program launch in the United Kingdom in 2008, the system has processed more than 4 billion secure transactions. The VocaLink managing director of strategy, products, marketing and business development, Paul Stoddard, stated that this experience in the United Kingdom is a direct reflection of the benefits offered through real time tech throughout the payments sector and into the broader economy.
The mobile payments partnership between the two companies was first announced in Singapore at the international Sibos conference. That event placed smartphone based transactions under an important spotlight when it came to worldwide introduction and adoption by businesses and consumers alike.
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