The Multi-Channel Gateway
Enabling change in payments
As the mobile phone becomes more central to the way we conduct
our lives, there is an inevitable growth in demand to use this as
an instant, secure and simple method for transferring
money.
The VocaLink Multi-Channel Gateway (MCG) provides the
functionality required to enable banks to enhance existing mobile
banking options and deliver a true real-time interbank
account-to-account mobile payments service.
Making payments with your mobile phone
When using a mobile device as a method of initiating a payment,
banks and their customers need to know that transactions are
instant and irrevocable. This ensures that the method of payment is
an attractive and viable alternative to both cheque and cash
payments, and will be widely accepted across a range of key user
groups.
Banks have made substantial investments in the development of
mobile banking applications, which have started to include payment
options.
These options are usually limited to transfers between accounts
within the same bank, or they simply use the mobile application to
initiate payments from the internet banking product. Neither of
these methods fully harnesses the capabilities offered by mobile
phone technology, when used in conjunction with real-time payment
services (such as UK Faster Payments, or other real-time payments
infrastructures).
The MCG provides a real-time solution that allows bank customers
to initiate payments from their mobile phones, using a proxy such
as a mobile phone number to identify the beneficiary. The mobile
phone number is converted to a bank account or a credit/debit card
number, which enables a standard payment instruction to be
submitted to the designated real-time payments system. The MCG sits
within the inter-bank payments infrastructure and supports
connections to any number of banks, enabling some or all of the
participant banks within a particular payment scheme to offer
mobile payments to their customers.
An environment and strategy for mutual
success
The VocaLink Multi-Channel Gateway has been designed to
guarantee a number of critical factors for both banks and
customers, including:
- Ease of use - Simple and intuitive mobile payment experiences,
integrated to existing bank mobile apps and services
- Speed - A scalable solution providing real-time responses to
ensure speed of payments
- Service should be simple, intuitive and not overloaded with
security checks
- Convenience - Designed for 24x7x365 operation
- Security - Payments completed without sender and receiver bank
details being revealed
Why VocaLink?
We have a proven track record of pioneering within the payments
world: originating and implementing UK banking and mobile
industries to provide a collaborative, innovative, cost effective
and dependable solution.
To discover more about what the VocaLink Mobile Gateway can
offer and how it works, please click
here.