Mastercard is partnering with Worldpay and Zip to scale new open banking-powered solutions that enable more payment choice, empower consumer lending, and modernize account-based payments.
Open banking is a secure way to share financial data between trusted parties. It allows consumers and businesses to control their own data and choose how it is used.
Mastercard is working with Worldpay to make it easier for consumers to pay bills directly from their bank account. This will remove the friction associated with manually typing in routing and account numbers each time. It will also automate consumer onboarding for billers and merchants and reduce the risks and costs of storing bank account information.
Mastercard is also partnering with Zip to enhance the real-time underwriting process of Zip’s lending program. This will help consumers more easily budget for larger purchases that can be paid over time.
In addition, Mastercard has added advanced analytics to its open banking services to help lenders manage their risk profiles. This is particularly important for small businesses, which often have difficulty getting access to capital.
Mastercard is co-innovating with partners across the ecosystem to establish broad connectivity and data services to support customers. It is also expanding its open banking connectivity across the U.S., Australia, and Europe.
“We’re accelerating our open banking connectivity across the U.S., Australia and Europe, leaning into the breadth of Mastercard’s global network, expertise in data and privacy, and trust of our brand,” said Jess Turner, executive vice president, Global Open Banking & API at Mastercard. “We’re providing more payment choice, redefining how identity is established and authenticated, and opening doors to tailored solutions that will revolutionize financial experiences.”
Open banking is a rapidly growing trend, and Mastercard is at the forefront of this movement. The company is working with partners to develop new and innovative solutions that will benefit consumers, businesses, and lenders alike.
Mastercard Partners with Worldpay and Zip to Scale Open Banking Solutions
Mastercard is partnering with Worldpay and Zip to scale new open banking-powered solutions that enable more payment choice, empower consumer lending, and modernize account-based payments.
Open banking is a secure way to share financial data between trusted parties. It allows consumers and businesses to control their own data and choose how it is used.
Mastercard is working with Worldpay to make it easier for consumers to pay bills directly from their bank account. This will remove the friction associated with manually typing in routing and account numbers each time. It will also automate consumer onboarding for billers and merchants and reduce the risks and costs of storing bank account information.
Mastercard is also partnering with Zip to enhance the real-time underwriting process of Zip’s lending program. This will help consumers more easily budget for larger purchases that can be paid over time.
In addition, Mastercard has added advanced analytics to its open banking services to help lenders manage their risk profiles. This is particularly important for small businesses, which often have difficulty getting access to capital.
Mastercard is co-innovating with partners across the ecosystem to establish broad connectivity and data services to support customers. It is also expanding its open banking connectivity across the U.S., Australia, and Europe.
“We’re accelerating our open banking connectivity across the U.S., Australia and Europe, leaning into the breadth of Mastercard’s global network, expertise in data and privacy, and trust of our brand,” said Jess Turner, executive vice president, Global Open Banking & API at Mastercard. “We’re providing more payment choice, redefining how identity is established and authenticated, and opening doors to tailored solutions that will revolutionize financial experiences.”
Open banking is a rapidly growing trend, and Mastercard is at the forefront of this movement. The company is working with partners to develop new and innovative solutions that will benefit consumers, businesses, and lenders alike.