- NETS and NCS collaborate to offer an Electronic Payment and Securities Settlement Platform for central banks
- The new service will permit high value transactions, and each firm in the pair is aiming to bring its own expertise to the table
- “Developing a new Electronic Payment Platform for central banks in Asia Pacific is a significant move towards increased inter-operability”, said a spokesperson for NETS
Two organisations in the major Asian economic powerhouse of Singapore have signed a memorandum of understanding (MOU) designed to let them create new instantaneous cross border payments services.
NCS, which is a large technology group linked to the big name Singtel, will collaborate with the Network for Electronic Transfers (NETS) to help develop the new system.
The system will be known as the Electronic Payment and Securities Settlement Platform and is designed for use by central banks.
As part of the new project, NCS will build on its history of developing secure services for governments looking to build payments infrastructure.
NETS will provide its extensive expertise on international money transfer.
The pair will engage in both research and also development to create the new payments and settlement platform, which will be interoperable with various present-day and futuristic payments services.
It will also be designed to allow banks to make high value transfers between institutions, meaning that it can be used by central banks to determine the execution of monetary policy.
According to Ng Kuo Pin, who serves as the chief executive officer of NCS, the new collaboration works well given the “common go-to-market strategy” between the two companies.
“As a key technology partner of global and regional banks, we have a proven track record of building and operating critical information systems and platforms for global and regional banks to support their front- and back-end operations”, Ng Kuo Pin said.
“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”, he added
For NETS, the firm’s interim chief executive officer described the new development as a “significant move” when it comes to interoperability.
“We are very excited to embark on this synergistic collaboration with NCS. 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”, he said.
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