Mastercard has appointed Paul Stoddart as president, New Payment Platforms, effective March 1, 2019. Stoddart succeeds David Yates, who will transition into a senior advisory role focused on real-time national and cross-border payments strategies, said the company.
In this role, Stoddart will oversee the development and strategic integration of Mastercard's real-time payments capabilities beyond traditional card-based solutions. Among these solutions are Vocalink account-based payments, the Homesend joint venture and Mastercard Send.
“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,” said Michael Miebach, chief product officer of Mastercard. “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. We'll now build on that foundation to deliver the technology and support needed for an expanded world of payments.”
In 2017, Stoddart was named chief executive officer of Vocalink following the company's acquisition by Mastercard. He originally joined Vocalink as managing director, responsible for strategy, corporate development and its UK and international product portfolios.
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.
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.
He also spent six years as president, First Data International, building all the company's global activities outside of the U.S., including merchant acquiring, merchant transaction processing, issuer processing and ATM network solutions business units.
“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,” said Ajay Banga, president and CEO, Mastercard.
“He has been an integral part of the effort to bring the Mastercard and Vocalink businesses together. David's focus on the people and passion for innovation has set a foundation for us to explore new opportunities for future growth throughout the world. We wish David all the best in this next chapter of his career,” said Miebach.