Mastercard launched PayPort+, the real-time payment gateway by Vocalink

By Joy Dumasia

Mastercard has launched its next-generation real-time payments gateway service PayPort+, which provides flexible access into the UK’s real-time payments infrastructure for Financial Institutions and Payment Service Providers.

The solution, powered by Vocalink, a Mastercard company, and Form3, a technology partner, combines the benefits of cloud-native technology with the highest levels of security, availability, and operational services standards. Mastercard has selected Form3 as the technology partner for the implementation of its new PayPort+ platform.

PayPort was launched in 2016 to offer financial institutions, large and small, connectivity into the UK Faster Payments network. Through this next generation of PayPort+, these institutions will benefit from flexible connectivity options, including MQ, Restful APIs and Microservices.

PayPort+ is now live with two UK financial institutions, including Nationwide Building Society, processing real-time payments into the UK Faster Payment service.

Gregor Dobbie, CEO of Vocalink, a Mastercard company, said: “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. 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.”

Michael Mueller, Chief Executive Officer at Form3, 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.”

Recently, IBS Intelligence reported that Mastercard had recognized Fime to test solutions in line with the Mastercard’s Enhanced Contactless specifications. The Ecos specifications look to future-proof contactless solutions against new technologies such as quantum computing. Allowing consumers, merchants and financial institutions to benefit from enhanced convenience, trust and privacy.