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Mastercard eases access to Faster Payments with PayPort+

Mastercard eases access to Faster Payments with PayPort+

Mastercard has launched a cloud-native, real-time payment gateway designed to ease access for institutions connecting to the UK's Faster Payments network.

The PayPort+ gateway has been developed by Form3 and is now live with two UK financial institutions, including Nationwide Building Society.

PayPort was launched in 2016 to offer financial institutions, large and small, connectivity into the UK Faster Payments network. The new product will now offer flexible connectivity options, including MQ, Restful APIs and Microservices.

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

“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," she says. "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.”

Comments: (1)

Andrew Smith
Andrew Smith - RTGS & ClearBank - London 19 July, 2021, 09:401 like 1 like

The connectivity is a small part of the issue. The challenge is more the membership and what that means in terms of collateral posted. As a FinTech, nor even most banks, I don't see one benefit of being directly connected to FPS. 

You need to focus on what your business proposition is, and being "directly connected" gives you nothing new, only additional costs. You are better off seeking a directly connected API that gives you all the same benefits of being directly connected, but without the hassle of being a direct participant...