MasterCard has received approval from the UK’s Competition & Markets Authority’s (CMA) for the planned acquisition of British payments technology company Vocalink.
VocaLink’s technology powers immediate payments, also known as fast ACH, in various financial markets, including the UK, Singapore and Thailand with the US scheduled to go live later in 2017.
The move comes after the two companies addressed the competition concerns, which were identified by CMA earlier this year. The deal is expected to close in the coming weeks.
As part of the deal, VocaLink will add its outstanding team to the existing MasterCard business. Also VocaLink CEO David Yates will join the MasterCard management committee and become executive chair of VocaLink, and the company’s deputy CEO Paul Stoddart will be named as CEO.
MasterCard chief product officer Michael Miebach said: “Adding bank account-based payments alongside our card network extends what we can do and how we can do it. Together, we’ll be one partner to meet all payment needs of businesses, governments and consumers.”