UK payment infrastructure operator VocaLink has signed a letter of intent with Thailand’s main interbank payments provider National ITMX to collaborate on the development of a mobile payment solution for banks, consumers and businesses in Thailand.
“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 ISO 20022 standard,” VocaLink says.
“We are at the forefront of payments innovation and aim to continually improve our services,” explains NITMX managing director Wanna Notarbhorn.
“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.”
Inclusive digital economy
“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,” adds Paul Stoddart, Vocalink’s managing director of strategy, products, marketing and business development.
“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.”
VocaLink built and manages the real-time technology behind the UK Faster Payments service on behalf of the Faster Payments Scheme and has processed over 4bn payments since its launch in 2008. It is expected to launch its Zapp Pay by Bank mobile payment solution in the UK later this year.