Electronic commerce and payment processer First Data has inked an agreement with Accenture and VocaLink to roll out a technical system for immediate payments in Australia, enabling the continent's consumers and businesses to transfer funds in near real-time.
Commenting on the new development First Data Australia and New Zealand managing director John Tait said the agreement with Accenture and VocaLink will enable the firm to engage with the industry on potential governance models for its proposed technical solution.
"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," Tait added.
First Data will provide capability in real-time payment processing, as well as a safe, secure, scalable, multi-client payment center, according to the deal.
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.
VocaLink is an international payments partner to banks, their corporate customers and government departments and its switching platform connects over 60,000 ATMs, while payments platform processes over 500 million payments per month.
With over 249,000 people serving clients in more than 120 countries, Accenture is a global management consulting, technology services and outsourcing company.