Payment provider VocaLink has joined with Clear2Pay, payment technology provider, to provide an end-to-end real-time payment processing solution. According to an announcement, the partnership enables banks to provide an end-to-end, inter-bank, real-time payments service, including multi-channel options like mobile.  

This ability to integrate to a common systme means financial institutions can support new payment channels like peer-to-peer (P2P) payments via mobile devices.

"The drive towards immediacy in payments is becoming increasingly important as consumers want to make payments from anywhere, at anytime," said Marc Terry, managing director of global transaction services at VocaLink.

"At VocaLink we understand the need for an integrated end-to-end payments system and are extremely pleased to be working with Clear2Pay to accelerate the move towards global immediate payments," Terry said.

Mark Hartley, Clear2Pay's chief marketing officer, said that central banks and governments around the world see benefits in solutions offering immediate payments. He said such schemes provide reduced settlement risk, a richer consumer proposition and provide a higher velocity of money within an economy.

"(T)he market urgently calls for new and secure schemes without having to reinvent the wheel," Hartley said. "This co-operation between Vocalink and Clear2Pay's technology offers just that to the market today."

For more stories like this, visit the Money Transfer/P2P research center.