Voca reveals new banking technology for use with the Faster Payments scheme

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&#0039;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&#0039; existing payments infrastructures, enabling them to meet next year&#0039;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&#0039;s chief executive.</p>