VocaLink is celebrating the five year anniversary of the Faster Payments Service in the UK, with 2.5 billion transactions securely since its launch in 2008.

VocaLink processes payments on behalf of the Faster Payments Scheme Limited. It has recently built a central mobile proxy database on behalf of the Payments Council. By using the VocaLink infrastructure, combined with the Faster Payments Service, from Spring 2014 financial institutions will be able to deploy their own mobile payments services that enable consumers and businesses to send mobile payments using just the recipients’ mobile number.

David Yates, CEO, VocaLink, comments: "The statistics show that in just five years the Faster Payments Service has had a significant impact on the UK payments market and is now an established payments mechanism. However the architecture of this platform has been designed to support future payments innovation too. With mobile payments on the horizon in the UK and other countries, there is a clear opportunity for the Faster Payments infrastructure to support the development of ubiquitous, sustainable, interoperable, mobile payments services."

The service currently has 10 members: Barclays; Citi; Co-operative Bank; Clydesdale and Yorkshire Banks (National Australia Group); HSBC; Lloyds TSB; Nationwide Building Society; Northern Bank (Danske Bank); Royal Bank of Scotland Group (including NatWest and Ulster Bank); Santander UK.

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