NCS and NETS to develop real-time payments system
Singtel’s NCS and Network for Electronic Transfers (NETS) have signed a memorandum of understanding (MoU) to develop a new real-time Electronic Payment and Securities Settlement Platform for central banks in the Asia-Pacific region.
Under this collaboration, Singapore-based NCS and NETS will cover joint research and development of a new generation central bank real-time Electronic Payment and Securities Settlement Platform which will be secure and robust by design to allow interoperability with current and future payment systems and facilitate high-value inter-bank fund transfers.
“While we continue to strengthen our core services, we are also investing in our NEXT digital capabilities to develop local-IP fintech products and platforms to fuel our growth in the financial services sector. We are pleased to partner with NETS to develop the Electronic Payment Platform for central banks. With a common go-to-market strategy to expand our footprint in the region, our collaboration also signifies NCS’ commitment to team with a select group of strategic partners to jointly make an impact in the market,” said CEO of NCS Ng Kuo Pin.
This platform will enhance and help central bank to deliver monetary policies and support market financial stability. The partnership will also build suite for central banking products which would be customizable to the regulatory need of different financial institutions and markets. This would enable NCS and NETS to expand into South East Asia, China and Hong Kong.
“Developing a new Electronic Payment Platform for central banks in Asia Pacific is a significant move towards increased inter-operability to harmonise and accelerate cross-border interbank payments and settlements in this part of the world. The new platform will potentially change the way consumers and businesses make cross-border transactions, which is now a big part of our strategy going forward. As we leverage on NCS’ integrated digital capabilities to drive payment ecosystems in the region, we hope to make it easier for cross-border payments to take place in a fast, secure and cost-efficient manner. Being an established critical payments provider in Singapore, NETS is well positioned to achieve that.” said interim CEO of NETS Ricky Lim.