The U.K. Competition and Markets Authority has cleared the way for the completion of the planned acquisition by MasterCard of London-based VocaLink Holdings Ltd., according to a press release.

The authority has granted final approval for proposed remedies that address competition concerns it identified earlier this year. The acquisition is now expected to close in the coming weeks.

"We believe the future of payments will be defined by choice," MasterCard Chief Product Officer Michael Miebach said in a statement. "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."

VocaLink technology powers immediate payments (also known as fast ACH) in the world's largest financial markets, including the U.K., Singapore and, later this year, the United States.

MasterCard has said that the acquisition will enable it to play a more strategic role in the U.K. and other markets around the world.