Mastercard unveils new suite of Open Banking solutions

The solutions include Open Banking Connect (A single connection to financial institutions’ Open Banking functionality, providing TPPs with functionalities in market), Open Banking Protect (A Real-time verification of TPP registration status combined with monitoring and alerts to reduce exposure to liability and fraud), Open Banking Resolve (A centralised enquiry and dispute resolution service to provide clarity, consistency and transparency) and Open Banking Consulting Services (Professional advice and hands-on support to help financial institutions define and execute their Open Banking strategy).

Several parties in the launch markets of the UK and Poland have already signed letters of intent to activate the suite of service including Kikapay, Streeva, Tribe Payments, Alior Bank and mobile payment app provider DiPocket. Mastercard’s new solution is aimed at addressing technical challenges in three key areas: developing standardised mechanisms by which banks and TPPs interact, establishing ecosystem-appropriate solutions to minimise exposure to fraud, and providing clarity and consistency in how to manage enquiries and resolve disputes.