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.