National ITMX, Thailand’s main interbank payments provider and VocaLink have announced their joint study into potential collaboration to develop mobile payments in Thailand.
VocaLink designed, built and manages the real-time technology behind the UK Faster
Payments Service on behalf of the Faster Payments Scheme. Since launch in 2008, the service has securely processed over 4 billion payments. VocaLink has successfully developed its real-time technology further in its Immediate Payments Solution, which adopts the ISO 20022 message standard to support richer data sets.
VocaLink’s Immediate Payments Solution already powers the FAST payments service in Singapore, which has enabled it to become one of the world’s most advanced payments markets.
The VocaLink and NITMX collaboration intends to deliver immediate mobile payments and services to banks, consumers and businesses, underpinned by an instant payment capability based on the ISO20022 standard. This will enable people to pay who they want when they want and businesses can improve cash flow, improve the e and m commerce experience for their customers and reduce drop out rates and fraud. The UK experience demonstrates that real-time technology drives benefits throughout the payments value chain and into the wider economy.
“We are at the forefront of payments innovation and aim to continually improve our services,” says Wanna Notarbhorn, Managing Director at National ITMX.
“We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems. We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand.”