LONDON, May 27 /PRNewswire/ -- VocaLink, the payment transaction specialist, announced today that the Faster Payments service has gone live with the first transactions processed successfully this morning. The ground-breaking Faster Payments service is the first application of the VocaLink Real-Time Payments Platform and is generating significant interest from major banks around the world.

The VocaLink Real-Time Payments Platform is unique in facilitating single real-time payments over a variety of channels including mobile, internet, telephone and even payment card. This will enable payments from consumer to consumer, consumer to business, business to consumer and business to business. It is likely to change both the way that people pay and the way they want to be paid.

Martin Wilson, chief commercial officer at VocaLink said: ''The VocaLink Real-Time Payments Platform is one of the most revolutionary infrastructures the payments industry has seen in recent decades and has the potential to transform consumer banking behaviour and business practice across the globe.''

VocaLink is already in discussion with banks from around the world which are looking to reduce the cost of their payments infrastructure while simultaneously future-proofing it to cope with increasing demand for more real-time, spontaneous and mobile payment services.

In the UK, Faster Payments was developed in response to the Office of Fair Trading (OFT) calling for an alternative to the existing systems. It has been a joint project between VocaLink, as the infrastructure provider, APACS, as the industry body overseeing the development, and the UK banks. The financial institutions involved in delivering the system account for 97% of all payments made. Faster Payments will run alongside existing payment schemes such as Bacs and CHAPS.

''The new service far exceeds the original requirements of the OFT's Payment Systems Task Force.'' adds Wilson. ''This is a payment service that maximises straight through processing and is truly self service, reducing operational cost and improving customer service.''

VocaLink designed, built and operates two other national payment infrastructures in the UK for the Bacs Scheme (Direct Debit, Bacs Direct Credit and Standing Order), and the ATM network for the LINK scheme. VocaLink also operates a Euro clearing service that processes euro payments to and from anywhere in the world and has recently announced a payments processing outsourcing deal with BGC in Sweden.

Notes to Editors

The Faster Payments service is owned by the UK member banks and the scheme is run for them by CHAPS Co.

About VocaLink

VocaLink is a specialist provider of transaction services to banks, their corporate customers and Government departments. It processes domestic and international automated payments and provides ATM switching solutions. On a peak day, the VocaLink automated payment platform processes over 90 million transactions and over half a billion in a month. Its switching platform connects the world's busiest ATM network of over 60,000 ATMs.

Having pioneered electronic payments for over four decades, many of the world's top banks and their corporate customers rely on VocaLink to meet their transaction needs. Its processing services offer banks reach throughout the Single Euro Payments Area (SEPA) and beyond; and are augmented by value-added services that leverage industry expertise and technical capabilities.

Please visit http://www.vocalink.com for more information

Further information

Gerald Cross, The JJ Group +44-(0)1865-343100 or vocalink@thejjgroup.com

Kevin Monks, VocaLink +44-(0)870-920-8574 or kevin.monks@vocalink.com

Deborah Souter, VocaLink +44-(0)870-920-8651 or deborah.souter@vocalink.com

Further information: Gerald Cross, The JJ Group, +44-(0)1865-343100 or vocalink@thejjgroup.com. Kevin Monks, VocaLink, +44-(0)870-920-8574 or kevin.monks@vocalink.com. Deborah Souter, VocaLink, +44-(0)870-920-8651 or deborah.souter@vocalink.com