SYDNEY--(BUSINESS WIRE)--First Data Corporation, a global leader in electronic commerce and payment processing, today announced the signing of an exclusive teaming agreement with Accenture and VocaLink to introduce a technical solution for Immediate Payments in Australia. Immediate Payments would enable Australian consumers and businesses to transfer funds between bank accounts in real or near real-time, instead of waiting between one-to-three days.
“We are pleased to enter into this agreement with Accenture and VocaLink and look forward to engaging with the industry on potential governance models for our proposed technical solution,” said John Tait, managing director of First Data in Australia and New Zealand. “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.”
Under the agreement, First Data will provide deep expertise in real-time payment processing, as well as a safe, secure, scalable, multi-client payment hub. VocaLink designed, built and delivers the real-time Faster Payments Service in the U.K. and has taken this unique expertise forward with its Immediate Payments software solution, currently being deployed internationally. Accenture brings proven banking and payments industry experience; a reputation for successfully planning and delivering transformational industry-wide change for infrastructure-providers, banks and other corporations; and extensive experience in real time payment system implementations and product introductions.
“Today’s mobile, digital consumer is increasingly likely to require services – including payments – to be delivered reliably, securely and instantly, 24-hours-a-day,365-days-a-year,” said David Yates, chief executive officer at VocaLink. “We’re proud to partner with First Data and Accenture to provide the Australian public with this important and innovative service.”
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. The ultimate objective is to offer a platform for payments innovation, consistent with the goals outlined in the Reserve Bank of Australia’s (RBA) Strategic Review of Innovation in the Payments System.
“Together with VocaLink and First Data we bring an unparalleled combination of experience in successfully delivering large-scale technical innovations in the payments arena,” said Sushil Saluja, managing director of Accenture’s Financial Services group in Asia-Pacific. “We’re excited by the prospect of helping deliver real-time electronic payments to Australia and supporting the national agenda for payments innovation.”
About VocaLink
VocaLink is an international payments partner to banks, their corporate customers and government departments. We design and deliver smarter domestic and international automated payments systems, and smarter ATM switching solutions. Our switching platform connects over 60,000 ATMs, the world’s busiest network, while our payments platform processes over 500 million payments per month. Having pioneered electronic payments for over 40 years it’s perhaps no surprise that many major organisations have come to rely on our services. Having designed and built the central infrastructure for the Faster Payments Service, our Immediate Payments technology is now helping others to realise the benefits of real-time payments. We are industry leaders on Mobile Payments; and are working with the UK payments industry to deliver the Mobile Payments Common Infrastructure Platform. VocaLink is also committed to corporate social responsibility. We seek to drive beyond industry best practice and set the standard as an innovative business partner. VocaLink. Safer payments, smarter partner.
About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with more than 249,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.