New Banking Options Unveiled by MasterCard

A new four-app suite has been launched by MasterCard to support open banking across Europe.

New Banking Options Unveiled by MasterCard

A new four-app suite has been launched by MasterCard, which goes by the name of Open Banking Solutions, to support open banking across Europe. These services will be open to financial institutions as well as third-party providers for the development of their own open banking services.

Financial institutions will also be able to get consultancy services related to Open Banking through the use of this suite.

Ovum suggests that a considerable level of market collaboration will be required for the proper delivery of the complete potential of Open Banking. Mainly, there needs to be a focus on the three key areas i.e. clear dispute resolution, minimisation of fraud, and standardisation of interaction mechanisms.

The SVP of Open Banking at MasterCard, Jim Wadsworth said, “With the increase in the capitalisation on open banking by various financial institutions, the need for trusted partnerships and collaborations is obvious.”

Consequently, partners including Kikapay, Alior Bank, Streeva, Tribe Payments, and DiPocket have all signed letters of intent for the activation of this four-app suite across Poland and the UK.

Source

Mastercard unveils new Open Banking Solutions