Publish Date : 13-Sep-2012
First Data Corporation, a global leader in electronic commerce and payment processing, today announced the signing of an exclusive teaming agreement with Accenture and VocaLink to introduce a technical solution for Immediate Payments in Australia. Immediate Payments would enable Australian consumers and businesses to transfer funds between bank accounts in real or near real-time, instead of waiting between one-to-three days.
“We are pleased to enter into this agreement with Accenture and VocaLink and look forward to engaging with the industry on potential governance models for our proposed technical solution,” said John Tait, managing director of First Data in Australia and New Zealand. “Our ultimate goal is to provide innovation to Australian consumers, and we recognise that this can only be achieved through a cooperative approach and defined by a broad group of stakeholders, driven at the industry level.”
Under the agreement, First Data will provide deep expertise in real-time payment processing, as well as a safe, secure, scalable, multi-client payment hub. VocaLink designed, built and delivers the real-time Faster Payments Service in the U.K. and has taken this unique expertise forward with its Immediate Payments software solution, currently being deployed internationally. Accenture brings proven banking and payments industry experience; a reputation for successfully planning and delivering transformational industry-wide change for infrastructure-providers, banks and other corporations; and extensive experience in real time payment system implementations and product introductions.
“Today’s mobile, digital consumer is increasingly likely to require services including payments to be delivered reliably, securely and instantly, 24-hours-a-day,365-days-a-year,” said David Yates, chief executive officer at VocaLink. “We’re proud to partner with First Data and Accenture to provide the Australian public with this important and innovative service.”
The companies will now seek input from key industry participants to collaboratively define, scope and develop the technical, operational and governance elements of the solution. The ultimate objective is to offer a platform for payments innovation, consistent with the goals outlined in the Reserve Bank of Australia’s (RBA) Strategic Review of Innovation in the Payments System.
“Together with VocaLink and First Data we bring an unparalleled combination of experience in successfully delivering large-scale technical innovations in the payments arena,\" said Sushil Saluja, managing director of Accenture’s Financial Services group in Asia-Pacific. “We’re excited by the prospect of helping deliver real-time electronic payments to Australia and supporting the national agenda for payments innovation.”
Go to previous page
