Mastercard unveils new payment gateway to simplify Faster Payments access

Mastercard has launched a payment gateway created to provide easier access for companies that connect to the UK’s Faster Payments Network.

Faster Payments is a network that enables mobile, internet, telephone and standing order payments to move quickly and securely between UK bank accounts, 24 hours a day.

According to Mastercard, the cloud-native PayPort+ gateway has been developed by Form3 and is already live with two UK financial institutions, including Nationwide Building Society.

Introduced in 2016, PayPort was created to offer both large and small financial institutions connectivity into the UK Faster Payments network.

Mastercard claims that the new product will offer flexible connectivity options, including Microservices, Restful APIs and MQ.

Mastercard subsidiary Vocalink CEO Gregor Dobbie said that the package combines the benefits of cloud-native technology with the highest levels of security, availability and operational services standards.

She added, “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.”

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