MasterCard cleared to acquire Vocalink

The UK’s Competition and Markets Authority (CMA) has cleared Mastercard’s £700 million acquisition of Vocalink. The payments company has promised to take action to address the watchdog’s competition concerns.

Vocalink provides the infrastructure for UK payments such as Bacs and the Link ATM network.

The deal had caused concerns as Vocalink and Mastercard make up two of only three companies that provide Link ATM services.

Mastercard and Vocalink have promised to open-up VocaLink’s existing network to a new services supplier. They will also contribute to the costs of Link members who want to switch supplier.