LONDON, September 15 /PRNewswire/ --     VocaLink, the international payments specialist, today announced the
findings from the banking industry's first piece of qualitative research into
the UK's Faster Payment Service (FPS) since its launch in May 2008. The
analysis, conducted by VocaLink in association with PricewaterhouseCoopers
LLP UK (PwC), identifies the key lessons learnt from the Faster Payments
Service rollout in the UK, based on interviews with FPS bank participants and
scheme members, and provides a roadmap for any bank or economy seeking to
benefit from real-time payments.

The research shows that Faster Payments has evolved from its regulatory
origins into offering a clear business case for adoption of the service.
Two-thirds of banks interviewed felt that Faster Payments could deliver new
revenues for banks.

One of the participants in the research, Mike Banyard, Senior Payment
Industry Commercialisation Manager at HSBC Bank Plc, explains: "As one of the
founding members of the service, we are reaping the benefits of seizing the
commercial advantages of Faster Payments early on. From the outset, far from
regarding Faster Payments as a compliance issue, we have embraced the
real-time technology as a way of introducing new and improved services to our
customers and unlocking new revenue opportunities."

The research showed that the experience of participating banks provides a
strong business case for real-time payments to be rolled out into Europe and
beyond. However, the research identified key lessons for banks to consider
when implementing any real-time payment infrastructure in the future.

Banks which have already invested in modern real-time accounting systems
will find it easier to implement and operate faster payments than their
counterparts with old legacy and batch-based systems. However, those banks
with legacy systems will find that real-time payments provides a much-needed
incentive to re-architect their transaction banking platforms to cope with
the demands of the modern payments world. Secondly, banks introducing
real-time payments should consider a charging model for customers from the
outset. Finally, it is clear that real-time payments bring banks back into
alignment with their customers needs and, crucially, provide a platform on
which they can develop more value-added services for customers.

There are a number of benefits that are highlighted in the research, from
helping to reduce cheque and cash volumes to delivering benefits within the
corporate and government sectors. Businesses will recognise the greater
flexibility of Faster Payments to integrate within existing business
processes. Amongst banks interviewed, those who are helping businesses in
this way are already showing revenues that exceed costs, and are predicting
an early payback. 'We have a 3-year payback on the investment' observed one
of the bank representatives.

Martin Wilson, Chief Commercial Officer at VocaLink, comments: "The
analysis dispels some of the myths and tells the facts about Faster Payments.
Operationally, banks have had to implement Faster Payments alongside other
instruments, incurring new, fixed costs. Significantly, however, some banks
are already able to point to areas where improved business models are leading
to a reduction in operational costs, most notably in the areas of exception
management. The completion of these final steps takes Faster Payments from
infancy to maturity, and as it approaches its adulthood, FPS is beginning to
earn its living."

The research will be officially launched at Sibos in Hong Kong on Tuesday
15 September at 5:00pm at stand 3E05.

Notes to Editors

Should you be interested in discussing the research, please do not
hesitate to contact: vocalinkuk@hotwirepr.com or call +44(0)20-7608-2500.

This unique research, based on stakeholder interviews, provides an
insight into the current experience of the banking industry which includes a
case study on HSBC Bank Plc. It also anticipates how banks will leverage and
profit from the Faster Payments Service going forward.

About the VocaLink Faster Payments analysis

This study comprises interviews with six of the FPS participant banks to
understand the practitioners' experience and where they see FPS developing in
the future. The OFT, UK Payments Ltd and the Payments Council were also
interviewed. The analysis delivers valuable insights into the FPS marketplace
highlighting some of the successful experiences and areas for development.

About the Faster Payments Service

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

The UK Faster Payments Service has been a joint project between VocaLink,
as the infrastructure provider, the Payments Council, as the industry body
overseeing the development, and the member banks. 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. It enables payments from consumer to consumer, consumer to business,
business to consumer and business to business.

About VocaLink

VocaLink is a specialist provider of payment 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. Its Real-Time
Payments platform provides the central infrastructure for the UK Faster
Payments service. VocaLink is working with BGC (Bankgirocentralen) to provide
outsourced processing for the majority of Sweden's domestic payments.

For more information visit http://www.vocalink.com

About PricewaterhouseCoopers LLP UK

PricewaterhouseCoopers LLP UK provides industry-focused assurance, tax,
and advisory services to build public trust and enhance value for its clients
and their stakeholders More than 155,000 people in 153 countries across our
network share their thinking, experience and solutions to develop fresh
perspectives and practical advice.

"PricewaterhouseCoopers" refers to the network of member firms of
PricewaterhouseCoopers International Limited, each of which is a separate and
independent legal entity.