UPF (User Plane Function)
Updated
The UPF is the 5G core function that carries device data: it routes packets between the radio network and data networks, applies traffic rules and counts usage. It takes over the user data part of the 4G gateways and is defined in 3GPP TS 23.501.
In practice
Where the UPF sits determines latency and where traffic exits. A UPF placed near a factory or a datacenter can deliver device data there directly.