Jim Wadsworth, SVP Open Banking at Mastercard

Mastercard today unveiled its new suite of Open Banking Solutions™, market-leading applications and services to underpin, enable and safeguard greater choice of financial services across Europe. The new platform will support financial institutions and third parties in crafting their own Open Banking future. The collaboration is expected to be beneficial to all parties involved and will also aim at addressing technical difficulties.

The solutions include Open Banking Connect (A single connection to financial institutions’ Open Banking functionality, providing TPPs with functionalities in market), Open Banking Protect (A Real-time verification of TPP registration status combined with monitoring and alerts to reduce exposure to liability and fraud), Open Banking Resolve (A centralised enquiry and dispute resolution service to provide clarity, consistency and transparency) and Open Banking Consulting Services (Professional advice and hands-on support to help financial institutions define and execute their Open Banking strategy).

Several parties in the launch markets of the UK and Poland have already signed letters of intent to activate the suite of service including Kikapay, Streeva, Tribe Payments, Alior Bank and mobile payment app provider DiPocket. Mastercard’s new solution is aimed at addressing technical challenges in three key areas: developing standardised mechanisms by which banks and TPPs interact, establishing ecosystem-appropriate solutions to minimise exposure to fraud, and providing clarity and consistency in how to manage enquiries and resolve disputes.

Jim Wadsworth, SVP Open Banking at Mastercard commented “As financial institutions and TPPs across Europe, and beyond, look at how they can capitalise on Open Banking to grow their business whilst better serving their customers, the need for trusted partners with international reach and specialisation in security and payments technology is obvious. 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.”

 

by Megha Bhattacharya
Market Analyst at IBS Intelligence
imp-loader
preloader