Mastercard is to develop a new suite of services designed to build trust in the new open banking ecosystem amongst consumers, banks, retailers and third parties, as well as simplifying and streamlining their interactions with each other.

With the opening up of financial data, trusted third parties will be given access to the information held by banks. This will not only empower third parties and banking incumbents to offer enhanced and individualised products and services, but it will also allow them to initiate payments on behalf of the business or consumer in some cases.

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Mastercard’s new services will, inter alia:

  • incorporate a pan-European directory of third party providers to help banks to ensure that parties seeking access to a customer’s account are legitimate;
  • include a sophisticated fraud monitoring service (based on Mastercard’s extensive safety and security solutions), to enable banks to better assess the risk associated with a given third party;
  • provide a dedicated dispute resolution mechanism, spanning both a clear set of rules and a communications platform and leveraging its extensive expertise of handling disputes in today’s payment card industry, and
  • feature a connectivity hub that will help third parties establish and maintain communication with banks.

“We believe that these services address significant obstacles to the creation of a vibrant and successful open banking ecosystem” says Jason Lane, Executive Vice President, Market Development Europe.

“We recognise that trust challenges exist on both sides – third parties need to be able to access the data and infrastructure controlled by banks, and at the same time banks need confidence that the third parties requesting account access are legitimate.

“We want our solutions to give banks and third parties peace of mind, so that they can focus their time and efforts on where they add most value – creating innovative user experiences. The challenge to create trust is not the only one – we are already working on improving end user experiences in the open banking environment, relating to both payments and information access and look forward to rolling those out as the services and ecosystem, evolves,” he added

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Mastercard’s new services will be launched first during a pilot phase in early 2019, with the UK and Poland being a particular priority, before being rolled out across Europe later that year.