New Mastercard and Cardstream Partnership to Accelerate Digital Payment Innovation in the UK
CINCINNATI and TAUNTON, 11 December 2018: Cardstream, the UK’s largest independent provider of white label payment software and services, has today announced a new strategic initiative that will help accelerate the adoption of Mastercard’s (NYSE: MA) latest digital payment innovations and expand the reach and acceptance of its account-to-account payment provision.
Through the new agreement, Cardstream will make Mastercard’s Secure Remote Commerce (SRC)-ready Masterpass V7 wallet and industry leading ‘Pay by Bank app’ available via API connections to its network of payment service providers (PSPs), independent software vendors (ISVs) and independent sales organisations (ISOs), paving the way for greater convenience and security for thousands of UK merchants and their customers.
“Despite the benefits on offer, busy development cycles can make it difficult for payment providers to take immediate advantage of important industry innovations,” said Adam Sharpe, CEO, Cardstream. “Our white label platform provides the connective tissue to ensure that our network of PSPs, ISVs and ISOs can quickly and easily integrate Mastercard’s latest services into their product stack. We’ve done the integration heavy lifting, so that our partners don’t have to.”
Masterpass V7 adds EMVCo’s SRCframework to Mastercard’s digital wallet. The framework, which is backed by all the major card schemes in the UK,aims to replace the overwhelming array of payment options currently on offer and provide consumers with a single common checkout experience.
In addition, ‘Pay by Bank app’, created by Mastercard’s Vocalink business, enables customers of UK businesses to make secure online payments for goods and services via their banking app and directly from their bank account.
Scott Abrahams, Head of Acceptance and Emerging Payments at MasterCard UK & Ireland commented:
“Cardstream’s large customer base allows us to quickly plug our new services into the payments
infrastructure at scale taking us further forward in advancing digital payments with retailers. This will
have a big impact on payments, bringing benefits to consumers, retailers and banks. In particular, Pay by
Bank app is set to shape the future of digital commerce in the UK, as more banks and merchants offer
this as a payment option to millions. We remain committed to transforming the payments landscape
with fast, secure and convenient new ways to pay.”
As well as making these innovations easily available to Partners, Cardstream’s network of ISOs will see an additional 6,000 salespeople selling the benefits of Mastercard’s digital products and services to new merchants across the UK.
The addition of Masterpass V7 and ‘Pay by Bank app’ further expands Cardstream’s already impressive portfolio of payment services. With a single, simple integration, its white label payment platform instantly connects its customers to all the payment partners, schemes and omnichannel processing applications that they need to seamlessly process global payments.