Vocalink’s key bank account-based technology will allow Mastercard to expand beyond card-based payments to drive the major types of electronic payment transactions.

Vocalink powers real-time bank account-based payments (fast ACH) in some of the world’s largest financial markets: the UK, Singapore and Thailand, with the U.S. scheduled to go live later this year. Its technology is also at the center of the UK’s ATM and traditional ACH systems, as well as a new mobile offering that enables consumers to pay for retail purchases directly from their bank accounts.

“This is a transformational deal,” said Michael Miebach, chief product officer, Mastercard. “This acquisition brings Vocalink’s world-class technology and world-class people to Mastercard at a time of continued change in payments. I am eager for what the future will bring: more innovation, inclusion and choice that lets people, businesses and governments pay the way they want.”

The Vocalink technology will enable Mastercard to further innovate retail transactions and expand in payment flows such as person-to-person, business-to-business and government disbursements.

“Joining the Mastercard family brings tremendous new opportunities to Vocalink, our customers and our team,” said Paul Stoddart, CEO, Vocalink, a Mastercard company. “Our home base of the UK of course remains a top priority as we continue to innovate on our bank account-based payments platform and drive value through services such as fraud analytics and consulting. We also look forward to drawing on Mastercard offerings and expertise to expand to more countries and more customers around the world.”