VocaLink, a provider of transaction services to banks, their corporate customers and government departments, has partnered with eWise, an online financial management solutions provider, to offer a new online payments solution Online Banking ePayments (OBeP) network in the UK.
eWise claimed that its OBeP network, unlike other alternative payment options, keeps financial institutions in the primary position of the payment chain, allowing them to protect and regain revenue being lost to alternative payment providers while leveraging existing online banking infrastructure.
By utilising VocaLink’s Immediate Payments platform in partnership with the eWise OBeP network, financial institutions are expected to benefit from a service that provides real-time consumer authentication, validation of sufficient funds and a payment to the merchant.
Nick Masterson-Jones, MD of transaction services at VocaLink, said: “We have selected eWise because, through their knowledge and expertise in this field, they are clearly well placed to establish and operate an OBeP network in the UK.“
Richard Brierley-Jones, MD of payments division at eWise, said: “We plan to deliver new alternative online payments solution that will address the increased demand by consumers for a simple and secure payment option.”