UK payment firm VocaLink has partnered with National ITMX, the primary Thai interbank payments provider, to investigate the potential for mobile payments in Thailand.

The stated intention for this collaboration is to deliver immediate mobile payments and services to banks, consumers and businesses, underpinned by an instant payment capability based on the ISO20022 standard.

This isnt VocaLinks first foray into Southeast Asia – its Immediate Payments Solution powers the FAST payments service in Singapore, which launched in 2014.

“A real-time mobile payments system is a core enabler of applications that connect and engage banks and their customers – from P2P payments to mobile commerce,” said Paul Stoddart, managing director, strategy, products, marketing & business development at VocaLink. “It supports the development of an inclusive digital economy that benefits consumers, businesses and the wider economy. We are delighted to work with NITMX on developing payments opportunities in Thailand and their respected market position makes them an excellent partner.”