Vocalink boss Paul Stoddart gets new role at Mastercard
Paul Stoddart, CEO of Vocalink, has been named president of new payment platforms for Mastercard, starting March 1.
In his new role, Stoddart will oversee the development and strategic integration of Mastercard's real-time payments capabilities beyond traditional card-based options. Among other projects, he will focus on Vocalink account-based payments, the Homesend joint venture and Mastercard Send.
In 2017, Stoddart became CEO of Vocalink after Mastercard acquired the faster payments company in the U.K. He originally joined Vocalink as managing director, responsible for strategy, corporate development and its U.K. and international product portfolios.
“Paul’s industry experience and deep immersion in the business makes him the ideal choice to drive the growth of our account-based payment activities,” Michael Miebach, chief product officer of Mastercard, said in a Tuesday press release.
“In his role as CEO of Vocalink, he has created momentum across the business, renewing relationships with key customers and expanding our infrastructure activities to new markets," Meibach added. "We’ll now build on that foundation to deliver the technology and support needed for an expanded world of payments.”
Prior to Vocalink, Stoddart was responsible for mergers and acquisitions and asset disposal at Barclaycard. Earlier in his career, he spent 12 years at RBS, where he held senior roles in group corporate development, retail direct and the company’s WorldPay division.
Stoddart succeeds David Yates, who spent six years as president of First Data International, in taking the Mastercard position. Yates moves to a senior advisory role to focus on real-time national and cross-border payments strategies.
During his 35-year career, Yates has built payments businesses around the world. Before joining Vocalink as CEO in 2001, he was president of Western Union, where he drove the company’s diversification into online money transfer and business payments.
“David’s knowledge and experience has given us a perspective to help shape our strategy and capabilities in additional payments choices that we can offer to customers and consumers,” Ajay Banga, president and CEO of Mastercard, said of Yates in the press release.