Payment clearing house Voca and ATM network operator Link Interchange Network have won a contract with APACS, the UK payments association, to supply the central infrastructure for faster payments in the UK.
In response to the Office of Fair Trading (OFT) Payments Systems Task Force, the UK payments association and its members, APACS, set up an implementation group which has been developing the specification for faster payments. The association selected Voca and Link to work together on delivering faster automated payments in the UK.
A joint venture has been created by Voca and Link to build, deliver and manage the central infrastructure for faster payments. The new system aims to increase the speed of credit transfer from one account to another providing a platform capable of delivering payment processing in near ‘real-time’, vastly reducing traditional clearing cycles of days.
Marion King, CEO, Voca, said, Our new, industry leading, technology infrastructure for payments processing, is complementary to Link’s real-time payments processing services. Together we offer a robust, cost effective and low risk solution, as well as both organizations’ extensive experience with banks, businesses and consumers.
The new service will be delivered in 2007.