Mastercard Send is to launch in the UK, the first example of a Mastercard service made possible by the integration of Vocalink and its real-time payments capabilities.
Mastercard Send enables financial institutions, fintechs, digital customers and other businesses to send real-time payments to UK bank accounts and also to receive payments by the same means.
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Mastercard Send will connect to the Faster Payments network enabling a variety of use cases such as peer-to-peer (P2P) payments and business-to-consumer (B2C) disbursements.
Starling Bank partners with Mastercard
Mastercard has chosen Starling Bank as its strategic partner for settlement services in the UK. Starling manages the funds that are to be disbursed before they are pushed to individual accounts via Faster Payments.
Julian Sawyer, chief operating officer of Starling Bank, said: “Starling Bank is the only provider of real-time access to faster payments in the UK. This partnership will open up new commercial and business opportunities for Mastercard clients as it enables them to make and receive payments instantly.”
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By GlobalDataThe first UK customer for the service will be Income Group, a payroll-focused payment provider that enables businesses to significantly improve the efficiency and reduce the costs associated with running a payroll by reducing the time taken to pay employees down from days to real-time.
“Mastercard Send will make payments much easier for users, and deliver better value to a diverse range of banks and businesses who regularly make disbursements. Existing direct-to-bank-account solutions – even those using Faster Payments – are often batch-based and hence less timely, giving businesses a real headache when it comes to disbursement of funds,” said Mark Barnett, divisional president of Mastercard in the UK.
Mastercard acquired VocaLink in 2017.
