The new technology will empower the banks to provide consumers and businesses with the ability to transfer funds between bank accounts in real time, to deliver new products and services through mobile as well as on-line.
Both companies have started working to deliver a real-time payments infrastructure for Singapore, after receiving approval from Association of Banks in Singapore (ABS).
According to the terms of the deal, the Singapore firm will promote, implement and support VocaLink’s Immediate Payments product in combination with its expertise.
BCSIS managing director Ricky Lim said, "Bulk payment and new electronic giro solutions will also be part of our offering to provide a full suite of high and low value payment systems."
Founded in 1988, BCSIS offers technologies to banks, businesses and consumers to carry out payment transactions with ease, immediacy and efficiency.
VocaLink, which designs, builds and operates payment systems and ATM switching platforms, operates the UK national payments infrastructure.
