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Mastercard rolls out Open Banking suite

Mastercard rolls out Open Banking suite

Mastercard has unveiled a suite of open banking applications and services designed to help financial institutions and third party providers make the most of the PSD2 era.

New research from Ovum suggests that delivering on the promise of Open Banking will require market participants to come together to:

  • develop standardised mechanisms by which banks and TPPs interact,
  • establish ecosystem-appropriate measures to minimise fraud exposure
  • provide clarity and consistency on managing enquiries and resolving disputes

Mastercard has put together four offerings to help with this:

  • a single connection to banks' Open Banking functionality
  • real-time verification of TPP registration status
  • a centralised enquiry and dispute resolution service
  • advice and hands-on support service for banks building their Open Banking strategies

Mastercard has already signed up several partners - including Kikapay, Streeva, Tribe Payments and Alior Bank - in the launch markets of Poland and the UK.

Jim Wadsworth, SVP, Open Banking, Mastercard, says: "Mastercard Open Banking Solutions will provide the sector with expert advice, leading-edge technological support and fills a gap that will provide peace of mind to end users, which in turn will support Open Banking adoption."

Open Banking hs ben a hot topic at Money 20/20 Europe this week. Catch up on all the chatter here

Comments: (1)

Adrian Bugaian
Adrian Bugaian - Endava - London 05 June, 2019, 10:41Be the first to give this comment the thumbs up 0 likes

Great program to work on and a great opportunity for the industry and it’s participants.

Well done Mastercard!