Modeled after the UK’s Faster Payments Service, FAST has the backing of all the leading financial intuitions in the Republic of Singapore. 14 banks will enable businesses and consumers to electronically transfer funds between accounts at other participating banks.
VocaLink, as part of the agreement with the Association of Banks in Singapore, has partnered with BCS Information Systems Pte Ltd (BCSIS) to deliver the service. The company acts as a global payments partner for many corporations, financial institutions and governments by operating clearing systems and ATM switching platforms. In 2013, the company processed over 10 billion transactions with a value of £5 trillion.
The UK and VocaLink have seen great success with the Faster Payments Service, which has securely processed over three billion payments in just five years. It is the only system that is available 24/7/365 in the UK to support its business clients in moving money. As of February 2014 Faster Payments saw 18% growth year over year in total payments,
David Yates, Chief Executive Officer at VocaLink, said: The successful launch of FAST in Singapore in partnership with BCSIS is therefore a significant milestone in delivering this strategy and we expect to reach many other territories in the years ahead”.
Despite just having been launched, significant volumes have already been moved through the system according to the Managing Director at BCSIS, Ricky Lim.
“There is now enormous scope to grow digital services associated with the scheme, with a particular emphasis on mobile payments”, said Lim, “Singapore is an early adopter of real-time payment capabilities and we expect other countries in the region to take up this innovative technology in the coming years.”