Mastercard unveils new Open Banking Solutions
Mastercard has launched Open Banking Solutions, a new suite of four applications and services to support the growth of open banking across Europe, reports Jane Connolly.
Financial institutions and third-party providers (TPPs) will be able to use the services to develop their own open banking strategies.
Open Banking Connect aids scalability and speed to market by providing a single connection to financial institutions’ open banking functionality, while Open Banking Resolve is a centralised dispute resolution service.
Open Banking Protect combats exposure to liability and fraud with real-time verification of TPP registration status, along with monitoring and alerts.
In addition, financial institutions can get advice and support from Open Banking Consulting Services.
Initial partners who have signed letters of intent to activate the suite in the UK and Poland include Kikapay, Streeva, Alior Bank, newly launched Tribe Payments and mobile payment app provider DiPocket.
“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,” says Jim Wadsworth, SVP open banking at Mastercard.
Supporting research by Ovum has suggested that market collaboration will be required to deliver the potential of open banking, focusing on three key areas. These are: developing standardised interaction mechanisms, minimising the ecosystem’s exposure to fraud and providing clear and consistent dispute resolution.