12 October 2015
National ITMX and VocaLink sign Exclusive Letter of Intent
National ITMX Co. Ltd (NITMX), Thailand’s main interbank payments provider and VocaLink, the UK-based international payment systems provider are delighted to announce their joint study into potential collaboration to develop mobile payments in Thailand.
VocaLink designed, built and manages the real-time technology behind the UK Faster Payments Service on behalf of the Faster Payments Scheme. Since launch in 2008, the service has securely processed over 4 billion payments. VocaLink has successfully developed its real-time technology further in its Immediate Payments Solution, which adopts the ISO 20022 message standard to support richer data sets.
VocaLink’s Immediate Payments Solution already powers the FAST payments service in Singapore, which has enabled it to become one of the world’s most advanced payments markets.
The VocaLink and NITMX collaboration intends to deliver immediate mobile payments and services to banks, consumers and businesses, underpinned by an instant payment capability based on the ISO20022 standard. This will enable people to pay who they want when they want and businesses can improve cash flow, improve the e and m commerce experience for their customers and reduce drop out rates and fraud. The UK experience demonstrates that real-time technology drives benefits throughout the payments value chain and into the wider economy.
Wanna Notarbhorn, Managing Director at National ITMX Co. Ltd added: “We are at the forefront of payments innovation and aim to continually improve our services. We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems. We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand.”
Paul Stoddart, Managing Director, Strategy, Products, Marketing & Business Development at VocaLink, said: “A real time mobile payments system is a core enabler of applications that connect and engage banks and their customers – from P2P payments to mobile commerce. It supports the development of an inclusive digital economy that benefits consumers, businesses and the wider economy. We are delighted to work with NITMX on developing payments opportunities in Thailand and their respected market position makes them an excellent partner.”