The Multi-Process Service (MPS) is an alternative, binary-compatible implementation of the CUDA Application Programming Interface (API).
The MPS runtime architecture is designed to transparently enable co-operative multi-process CUDA applications, typically MPI jobs, to utilize Hyper-Q capabilities on the latest NVIDIA (Kepler-based) GPUs. Hyper-Q allows CUDA kernels to be processed concurrently on the same GPU; this can benefit performance when the GPU compute capacity is underutilized by a single application process.
Online documentation is available here.