First Data, an electronic commerce (e-commerce) and payment processing company, has teamed up 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.
Under the agreement, First Data will provide its 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 UK and has taken this expertise forward with its immediate payments software solution, currently being deployed internationally. Accenture has experience in real-time payment system implementations and product introductions.
“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.”
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 objective is to offer a platform for payments innovation, consistent with the goals outlined in the Reserve Bank of Australia’s (RBA) review of innovation in the payments system.
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