Mastercard has rolled out four open banking solutions targeted at financial institutions in Europe.
The newly-launched offerings are Open Banking Connect, Open Banking Protect, Open Banking Resolve, and Open Banking Consulting Services.
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Mastercard SVP Open Banking Jim Wadsworth said: “As financial institutions and TPPs across Europe, and beyond, look at how they can capitalise on Open Banking to grow their business whilst better serving their customers, the need for trusted partners with international reach and specialisation in security and payments technology is obvious.
“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.”
Open Banking Connect has been designed to offer a single connection to financial services firms’ open banking capabilities.
Open Banking Protect verifies the registration status of third party providers in real time.
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By GlobalDataThe solution also provides alerts in a bid to combat fraud.
Open Banking Resolve serves as a centralised enquiry and dispute resolution service.
Open Banking Consulting Services offers professional advice to support the implementation of Open Banking strategy.
To carry out the initiative, Mastercard has partnered with Kikapay, Streeva, Tribe Payments and Alior Bank in the launch markets of Poland and the UK.
Tribe Payments chief commercial officer Alex Reddish said: “Mastercard’s considerable expertise in operating and supporting global banking and payments systems, provides us with the reassurance and credibility to help us deliver secure transactions, for example through use of their fraud monitoring and real-time verification tools.”
