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.
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.
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