The new cloud native PayPort+ technology – powered by Vocalink and Form3 – offers enhanced performance, ease of integration, and seamless connection into the UK’s Faster Payments network
LONDON: 14 July 2021 – 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.
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.”
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.
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.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Form3, www.form3.tech, design, build and run the technology that powers the future of payments. We help banks and Fintechs to orchestrate their payments business in a secure, scalable and cost-effective way through an API-first, cloud-native platform, and deliver it as an always on, fully managed service. Our platform is trusted by some of UK and Europe’s biggest Tier1 banks and fast-growing Fintechs to handle their critical payments architecture. Follow us on Twitter @f3fincloud, on LinkedIn and on our blog.