Mastercard partner network will now include its open banking services for fintechs, merchants and lenders
Mastercard announced an update of its Engage partner network. From now on, the program will offer customers easy access to several technology partners. All participants can quickly build and deploy open banking solutions for payments and loans. The initial partners to ally under the Mastercard Engage program for open banking include Dwolla, FinTech Automation, i2c, Link Financial Technology, LoanPro, Nova Credit, Provenir, Synctera, Tern and Usio, Inc.
Besides the obvious benefits of open APIs, partner companies will get fewer contracts, faster access to customer data, enhanced security, and overall flexibility of Mastercard’s services. Since 2018, nearly 150 partners globally have joined the Mastercard Engage program. In 2021 alone, Engage partners helped their customers deploy new, innovative solutions on more than 250 million accounts with Mastercard digital services.
Open banking through Mastercard and its tech partners enables businesses to connect with their customers’ bank accounts without intermediaries. Consumers, in their turn, own their financial data and can determine who has access to it. Through these consumer-approved connections, businesses can verify accounts, check balances, and eliminate transaction fraud by confirming bank account ownership.
As for the lending process, borrowers authorise data and insights through the ecosystem to support the loan decision. Such a procedure means a better lending experience for both the lender and borrower. It provides financial insights, expanded data sets not available through paper submissions, increased financial inclusion, and simplified practices.