Vocalink’s Multi Proxy Platform is the application behind Paym, the UK's mobile payments service. The platform enables its users to send and receive payments from their mobile phone, without the need for bank details.
Information is securely stored, accessed and managed independently of all associated applications.
Payments can be made in real-time with a look up response time of less than one second.
Vocalink’s Multi Proxy Platform can be delivered anywhere in the world to an existing real-time payments platform.
A UNIQUE PRODUCT
The Vocalink multi proxy platform is a unique infrastructure initiative. It allows personal information to be stored, accessed and managed independently of any associated applications. Being independent, the proxy platform can be linked to any number of applications that involve a payment, such as a mobile payment application or overseas remittances or even card payments.
With its unique architecture, the proxy platform offers benefits to all stakeholders. It offers discernible security advantages over a unitary architecture but there are other strategic advantages that benefit the entire industry.
By storing all personal information separately from the application, the platform is insulated from technical change. New applications, payment channels or providers can be added or modified as required and with minimal effort.
“The proxy platform can be linked to any number of applications that involve a payment, such as a mobile payment application”
With a robust, dedicated infrastructure in place, UK financial institutions are free to compete with innovative apps and payment solutions.
The infrastructure had more than 1 million registered users at launch and the number grows daily. A key to growth is the speed of response – the proxy platform ‘look up’ has a response of less than one second.
The strategic impact of the proxy platform is likely to be transformational. As payments become more tightly integrated with applications, the proxy platform allows easy searching for individual payees using the mobile phone number as a unique proxy. There can be no doubt that the proxy platform is of strategic importance to the UK payments industry.
The first application using the proxy platform was launched on 29 April 2014. Feedback has been overwhelmingly positive and already there are plans to apply the platform in other areas, including:
Using the charity commission number as a proxy to enable donation through the mobile with a single number
SME bill presentment and payments
In the UK, the infrastructure had more than 1 million registered users at launch, and the number grows daily
Like many other Vocalink infrastructure initiatives, the proxy platform is an inspired collaborative initiative that delivers benefits to all stakeholders.
It offers easy access to a secure, world-class proxy platform that gives extremely fast lookup of personal details. Perhaps the most innovative aspect of the proxy platform is its unique combination of collaboration and competition. Collaboration is essential to establish standards, achieve interoperability between payment providers and to pool the investment burden. Competition is essential to allow payments providers to differentiate their services.
a platform for innovation
A key requirement was that the technology was open and capable of delivering a ubiquitous solution.
Vocalink drew upon decades of experience to design a processing infrastructure that was capable of generating a ‘network effect’ to build critical mass in a short time with the potential of reaching all UK current accounts as required. The new platform offers the scope and scale of a centralised infrastructure and offers the ideal infrastructure for further innovation.