2024-07-18 17:27:55 +0300

Mastercard works to become an open banking matchmaker

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American Banker
By John Adams

Mastercard views the push to build scale for open banking allowing the sharing of financial data with third parties through the use of technology as something that requires an entirely new network of its own.

The goal is to connect banks with other companies seeking to build partnerships within the financial services industry.

We're looking at open banking as a new network for Mastercard, one that has financial institutions and data providers on the one side and banks and other uses of that data on the other, said Andy Sheehan, head of open banking at Mastercard.

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Mastercard, which has been building its open banking business for years, is combining that strategy with other business tech.

Gabby Jones/Bloomberg

Mastercard last week added its open banking platform to the card brand's Engage network, bringing in partners that provide a range of payments and other merchant services. Mastercard released the open banking upgrade shortly after card rival GoCardless agreed to buy Latvian data sharing company Nordigen to bolster GoCardless' ability to offer B2B and B2C open banking use cases, suggesting a competition to build bulk among open banking providers.

We can get our product out in the market quickly with these partners. Sheehan said.

Open banking allows consumers or businesses to access services from multiple companies through a single relationship or enrollment. Given the pressures of economic stress and inflation, open banking is being pushed as a way to support faster payments and other services that help customers manage their financial positions.

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