People want to be able to pay who they want, when they want and have multiple electronic payment services to choose from.

But many people have reservations about disclosing personal financial information, especially bank details. Moreover, there are concerns about if and where such information should be stored, for example, within a mobile payments app. The Vocalink Multi Proxy Platform removes the need to store personal details within an application or payment channel.

a landmark industry infrastructure initiative

The new platform offers very fast searching for a payee, using only the mobile phone number as a unique identifier. In this way, data storage, search and retrieval are detached from the application - an industry first in UK payments. 

This landmark industry infrastructure initiative has the potential to transform the future development of payment applications in the UK and beyond. 

The project commenced in October 2012 and the proxy platform went live 29 April 2014, with the launch in the UK of Paym, the Payments Council’s payments service that allows money to be sent using only a mobile number. 

At the outset of the project, stringent system performance metrics were established to measure the success of the project. The performance of the proxy platform has either matched or exceeded all the system performance criteria.