23 April 2015
Singapore expands FAST to include debit requests
FAST, the Singaporean real-time payments system, has recently enhanced its functionality to include individual debit requests as well as the existing “push credit” capability that exists in the UK Faster Payments Service.
FAST, which has been operating for over a year at 100% availability, allows users to request funds as well as push payments in real-time. The successful implementation of this additional functionality means that users of the service can now benefit from one of the most advanced national payment systems in the world. The debit functionality opens the door for banks to offer their customers with increasingly sophisticated products and services. FAST, which uses the ISO 20022 messaging standard, is a great success and a second wave of banks is expected to join the service later this year.
The VocaLink Immediate Payments solution is a core component of FAST and we believe further real-time implementations are likely to follow in the region, with cross-border interoperability being the potential next step change in the payments landscape. The growing demand in the UK for overlay services such as Zapp is being mirrored in Asia. VocaLink expects this trend to help banks in the region to own high frequency payments, moving consumer transactions towards the low cost, high satisfaction mobile channel.