Mastercard has unveiled a new real-time payments gateway service, powered by its account-based payment systems company Vocalink and technology partner Form3.
Dubbed PayPort+, the new solution provides access into the UK’s real-time payments infrastructure for financial institutions and payment service providers.
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It is said to combine the benefits of cloud native technology with enhanced security, availability, and operational services standards.
In addition, PayPort+ is claimed to offer enhanced performance, ease of integration, and seamless connection into the payments network.
PayPort was launched in 2016 to provide financial institutions connectivity into the UK Faster Payments network.
The latest solution will enable these institutions to benefit from connectivity options, including MQ, Restful APIs and Microservices.
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By GlobalDataVocalink CEO Gregor Dobbie said: “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 modernise payments for everyone.”
Form3 CEO Michael Mueller said: “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.”
Last November, Vocalink agreed to become the clearing and settlement solution provider for Real-Time Rail – the new real-time payments system of Canada.
In 2019, UK-based TSB Bank partnered with the firm to facilitate payee confirmation and prevent payment fraud for its customers.
In September 2020, financial technology provider FIS rolled out a new payment gateway to help global merchants gain access to a full suite of payment options.
Access Worldpay offers a single API, through which merchants can accept more than 300 payment methods in 126 currencies, globally.
