One of the feedback from Money20/20 Europe is that Mastercard is continuing with their innovation solution using their payment experiences at the new era of PSD2. 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.
Jim Wadsworth, SVP, Open Banking, Mastercard, says: "Mastercard Open Banking Solutions will provide the sector with expert advice, leading-edge technological support and fills a gap that will provide peace of mind to end users, which in turn will support Open Banking adoption." Source: Finextra, 4.6.2019