Mastercard is rolling out PayPort+, a next-generation real-time payments gateway, powered by Vocalink and technology partner Form3. The new solution offers easy entry into the U.K.’s real-time payments infrastructure for financial institutions (FIs) and payment service providers (PSP).
“Now more than ever, people and businesses need to be able to rely on the payments network for speed, convenience and security – not just in the U.K., but around the world,” Gregor Dobbie, CEO of Vocalink, a Mastercard company, said in a press release on Friday (July 16).
“The launch of our next-generation PayPort+ service, which we built in collaboration with Form3, is a part of our multi-rail strategy to enhance payment flows for our customers and modernize payments for everyone,” he added.
The next-generation tool offers secure cloud-native technology with the highest levels of operational services standards. PayPort was introduced in 2016 to give FIs and PSPs a seamless way to connect with the U.K.’s Faster Payments Service (FPS).
PayPort+ provides “flexible connectivity options, including MQ, RESTful API and microservices. The solution is live at two FIs in the U.K., including Nationwide Building Society.
“We are delighted to see this first service delivered as a result of our partnership with Mastercard. We look forward to supporting more financial institutions as we roll out the service,” said Form3 CEO Michael Mueller.
Mastercard’s global payments processing network is available in over 210 countries and territories, bridging consumers, FIs, merchants, governments and businesses.
Form3 develops and operates technology for digital payments, providing FIs and other PSPs with a secure, scalable, API-first, cloud-native platform. The platform is used by some of the largest Tier1 banks in the U.K. and Europe.
Three months ago, Mastercard introduced an end-user application service within Pay.UK’s request to pay (R2P) system. Mastercard’s R2P serves as an application and repository service provider, and offers the ability to create and enroll end-user applications.
The new service offers FIs, FinTechs and aggregators a way to inexpensively develop end-user applications. The solution connects with existing processes and offers connectivity options. R2P also offers people control and flexibility when paying bills.
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