Mastercard unveiled suite of open banking applications – South Asia Time

Mastercard unveiled suite of open banking applications

 June 6, 2019  

According to Finextra, 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.