15 December 2017
visit www.solutions.lexisnexis.com

Mastercard to roll out blockchain API

20 October 2017  |  30598 views  |  0 MasterCard web screen shot

Mastercard is to open up access to its inhouse blockchain technology platform via an API which will be made available to developers at banks and retailers.

Mastercard has filed for over 35 patents in blockchain and invested in Digital Currency Group, a collaborator that builds, incubates and seeds Bitcoin and blockchain technology-related companies. It recently joined the Enterprise Ethereum Alliance to explore the possibilities of the Ethereum technology across a wide range of potential use cases, many of them well outside the scope of Mastercard’s traditional payments environment.

The card scheme initially added three provisional blockchain APIs to its developer platform in October last year: core blockchain API, smart contracts API and fast pay network API.

The company says it has now tested and validated its permissioned ledger and will initially implement the technology in the business-to-business (B2B) space to address challenges of speed, transparency and costs in cross-border payments. The platform has been engineered to address non-card payment transaction such as B2B payments and trade finance transactions complemented by built-in proof-of-provenance to authenticate products across the supply chain.

“By combining Mastercard blockchain technology with our settlement network and associated network rules, we have created a solution that is safe, secure, auditable and easy to scale,” says Ken Moore, executive vice president, Mastercard Labs. “When it comes to payments, we want to provide choice and flexibility to our partners where they are able to seamlessly use both our existing and new payment rails based on the needs and requirements of their customers.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mastercard and Scotiabank join Enterprise Ethereum Alliance

Mastercard and Scotiabank join Enterprise Ethereum Alliance

19 July 2017  |  13158 views  |  0 comments | 26 tweets | 16 linkedin
Mastercard releases blockchain APIs

Mastercard releases blockchain APIs

31 October 2016  |  24434 views  |  0 comments | 67 tweets | 54 linkedin
Mastercard opens developer gateway

Mastercard opens developer gateway

28 September 2016  |  7786 views  |  1 comments | 19 tweets | 18 linkedin
Bitcoin and blockchain pose little risk to payments giants - Credit Suisse

Bitcoin and blockchain pose little risk to payments giants - Credit Suisse

05 August 2016  |  17912 views  |  0 comments | 23 tweets | 28 linkedin
MasterCard makes first bitcoin investment

MasterCard makes first bitcoin investment

28 October 2015  |  14561 views  |  0 comments | 43 tweets | 28 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.atos.netvisit www.response.ncr.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
9944 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9374 views comments | 17 tweets | 36 linkedin
Brits flock to digital-only banksBrits flock to digital-only banks
7412 views 11 comments | 11 tweets | 15 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
6780 views comments | 19 tweets | 20 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6223 views 0 | 4 tweets | 2 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job