VocaLink Immediate Payments
Solutions for real-time payments
The ability to offer real-time payments across different channels is a source of competitive advantage for banks and corporates. VocaLink Immediate Payments, which can be implemented in almost any country across the globe, provides this advantage, enabling account-to-account credit transfers in real time.
- Helps banks with mobile channel infrastructures to leverage their investment in mobile payment technology
- Removes the barriers to entry for banks without mobile channel capabilities
- Enables all banks to offer new products and services, retaining and attracting customers and driving revenue
- Offers improved cashflow and a lower price point than Real Time Gross Settlement (RTGS) for corporates
- Streamlines administration for small businesses
Offering 24x7x365 availability plus reliability, robustness, scalability and speed, Immediate Payments comprises three components:
- A high-performance payment switch that delivers payment and confirmation messages between paying and beneficiary institutions. This validates, routes and delivers messages in real time.
- A back-office function that provides reports, enquiry facilities and a user Interface. The back office also provides the interface to the nominated settlement agent to manage liquidity and effect settlement.
Immediate Payments is designed to be licensed to payment processors, who can integrate the product within a full end-to-end service and operate the service locally. VocaLink can provide 24x7 second-line maintenance support for the product from within the UK. Alternatively, Immediate Payments may be deployed as part of a VocaLink hosted or managed service.
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.
For further details please download our Immediate Payments Factsheet
For market insights please read our Immediate Payments Research
To enquire about Immediate Payments from VocaLink please contact us