This product launch is a direct follow-on from the partnership Clear2Pay announced with Vocalink on delivering an end-to-end Immediate Payments solution for banks.

The G3 scheme will enable Singaporean banks and financial institutions to process low-value payments in real-time maximizing their ability to deliver innovative and commercially attractive products while minimizing settlement risk. This higher level of velocity of money within the economy will benefit Singapore's thriving business community at large and will be closely monitored by neighboring countries.

Clear2Pay's G3 Immediate Payment Solution, developed by Clear2Pay's APAC team partially based in Singapore, is as an extension of the globally embraced and implemented Open Payment Framework . It combines the benefits of global standard payments processing with local requirements, expertise and implementation resources. Rather than building a bespoke solution, customers can opt for a ready scheme supported solution and deploy this in a short time frame within their environment. In addition banks will benefit from ongoing support and scheme enhancements allowing banks to realize a lower cost of ownership as G3 expands and matures.

Stephen Peters, VP Clear2Pay APAC states: "As a global company with dedicated local and regional teams, we have amassed a wealth of experience in deploying new payments schemes such as SEPA and UK Faster Payments at our clients' sites. Combining this expertise with our flexible Open Payment Framework and our inclusive G3 Open Test Solution gives us the flexibility to offer our existing and new customers in the region a secure and fast way to embrace G3 in time for industry testing by the end of this year".