Mastercard will soon be rolling out its Send platform, which allows financial institutions, FinTechs, digital customers and other businesses to send real-time payments to UK bank accounts and receive payments by the same means.

The network is the first example of Mastercard’s integration of Vocalink and its real-time payment capabilities. The service will be connected to the Faster Payments network, enabling a variety of use cases such as peer-to-peer payments and business-to-consumer disbursements.

Mastercard has chosen Starling Bank as its strategic partner for settlement services in the UK. Starling will manage the funds that are to be disbursed before they are pushed to individual accounts via Faster Payments.

“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.

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