Voca has launched a new payments software solution called Voca Payments Switch, which allows banks to connect to the soon-to-be-introduced Faster Payments scheme in the UK.
<p>UK-based payments services provider Voca claims the switch is an immediate, compliant and scalable option for the country's banks, which are facing a tight timetable to be ready for Faster Payments community testing in April 2007. <br /><br />The Faster Payments scheme comes into force in the UK in November 2007, requiring banks to introduce same-day clearing of internet and telephone banking credits and standing orders.<br /><br />The central infrastructure of the scheme is being delivered by a joint venture between Voca and the Link payments and ATM network. Key functionality of the Voca Payments Switch is also being used within the central infrastructure.<br /><br />The company says the payments switch can be integrated into banks' existing payments infrastructures, enabling them to meet next year's deadline.<br /><br />Voca claims the switch also gives banks with the opportunity to consolidate development across the standard BACS three-day payment service. It can also be adapted to future Sepa requirements and multi-currency payments.<br /><br />Banks are under significant pressure to introduce Faster Payments to customers within an ever-changing payments landscape. Our approach helps banks fulfill their immediate obligations under the new scheme, as well as provide the flexibility to prepare for the future, said Marion King, Voca's chief executive.</p>