Mastercard is intensifying its involvement in open banking through partnerships with Worldpay, a merchant solutions business, and Zip, a Buy Now, Pay Later (BNPL) firm.
The agreement with Worldpay, a unit of FIS, enables individuals to seamlessly share (not store) their data with trusted parties and securely pay bills directly from their bank accounts. Mastercard’s open banking technology streamlines the process of manually entering routing and account numbers each time, automates consumer onboarding for billers and merchants, and lowers the risks and costs associated with storing bank account information.
Sudev Balakrishnan, chief product officer, Worldpay Merchant Solutions, FIS, says, “We are delighted to partner with Mastercard to leverage their open banking platform in the U.S. to offer secure and seamless account verification services, providing our customers with enhanced payment options and advanced open banking around the world.”
Mastercard’s open banking subsidiary, Finicity, is partnering with Zip to enhance the real-time underwriting process for Zip’s lending program. This collaboration aims to improve and streamline the underwriting procedures, making them more efficient and timely.
“We’re providing more payment choices, redefining how identity is established and authenticated, and opening doors to tailored solutions that will revolutionize financial experiences”, says Jess Turner, EVP, of global open banking and API, Mastercard.
