Mastercard launches real-time payments gateway in the UK

Mastercard has announced that it has launched its next-generation real-time payments gateway service PayPort+, which according to the company will provide ‘flexible access’ into UK’s real-time payments infrastructure for Financial Institutions and Payment Service Providers.

The solution is powered by UK payments infrastructure provider Vocalink, which is owned by Mastercard, and Form3, the UK based payment technology platform for Financial Institutions. According to Mastercard, the platform combines ‘benefits of cloud-native technology with the highest levels of security, availability, and operational services standards’. Form3 has been chosen as a technology partner for the implementation of its new PayPort+ platform.

The PayPort was launched in 2016 which was offered to FIs to connect into the UK’s real-time Faster Payments network. With the launch of PayPort+ ‘institutions will benefit from flexible connectivity options, including MQ, Restful APIs and Microservices’, the press release noted. PayPort+ is now live with two UK financial institutions.

“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 UK but around the world”, said Gregor Dobbie, CEO of Vocalink.