Mastercard and FinTech Automation partner for Open Banking
By Edlyn Cardoza
With the rapid adoption of open banking (i.e., consumer-permissioned data access) and digital tools across financial services experiences, FinTech Automation announced that it has been selected as one of the technology partners for open banking within Mastercard’s Engage partner network. The Engage program has developed a network to provide businesses easy access to technology partners that can quickly build and deploy open banking solutions for payments and lending decisioning at scale.
“As we move from the information to the digital age, how we move information is as important as the data itself,” said David Park, CEO of Fintech Automation. “Mastercard and FinTech Automation are key to that movement.”
FTA allows firms to build a fully digital financial hub with little to no code and, through open banking, will enable businesses to establish direct consumer-permissioned connections with their customers’ bank accounts. Through these consumer-permissioned connections, businesses can verify accounts for payments and payouts, check balances to reduce payment failures, and cut fraud by confirming bank account ownership. This has vastly improved the payment experience for businesses and their customers.
“Mastercard is excited to be partnering with FinTech Automation on deployment of open banking solutions that are designed with security at the center and will help to meet consumers’ financial needs and enable choice,” said Andy Sheehan, EVP, U.S. open banking at Mastercard. “Together, we can enable innovation that will increase financial inclusion and expand access to digital services across the globe.”
FinTech Automation’s inclusion in the Engage partner network translates into fewer contracts, faster customer access, enhanced data security, and heightened overall flexibility to better leverage Mastercard’s robust open banking services.
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September 30, 2022