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Mastercard partners with Atomic

Thursday 6 June 2024 14:17 CET | News

Mastercard has partnered with Atomic in order to launch Open Banking solutions, as well as streamline and secure opening and update digital accounts. 

Following this announcement, Mastercard launched Deposit Switch and Bill Pay Switch with its Open Banking platform, aiming to enable customers to automatically switch their direct deposits and update their recurring bill payments. These processes will take place when opening a digital account or when updating information on an already existing account. 

In addition, both companies will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. 

 

Mastercard has partnered with Atomic in order to launch Open Banking solutions, as well as streamline and secure opening and update digital accounts.

More information on the announcement

The solutions were developed in partnership with Atomic, a member of Mastercard’s Start Path program. Through the process of a single integration to Mastercard Open Banking, clients and users will have access to an entire suite of account openings, as well as funding solutions that are enabled by Open Banking, payroll, and merchant or trader data connections. 

The Deposit Switch was designed in order to allow customers to skip manual paperwork and automatically route their payroll deposits to a new or already existing bank account. Deposit Switch is expected to swiftly connect to multiple payroll systems in the US, enabling clients to update or redirect their deposit allocations safely and in real time. The solution also includes Atomic’s TrueAuth technology, which was developed in order to give users the possibility to link to their payroll provider without having to share credentials with third parties. It can be further optimised with Mastercard’s identity and fraud prevention services as well. By using Deposit Switch, financial institutions will be allowed to simultaneously grow deposits, while also having improved relationships with their customers and reducing client acquisition costs. 

The Bill Pay Switch was developed in order to enable customers to add or update their payment credentials at the merchant and billers they use regularly, such as utilities, telecom, insurance, or subscription providers. The service leverages TrueAuth technology to authenticate directly with a provider and update the payment credentials on file, without the need to leave the mobile application or online banking environment they are using. In addition, financial institutions will have the possibility to offer Bill Pay Switch as part of their digital banking experience, as well as optimise customer engagement and top-of-wallet spending. 



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Keywords: partnership, product launch, banking, Open Banking, Open Finance, financial services, financial institutions
Categories: Banking & Fintech
Companies: Atomic, Mastercard
Countries: World
This article is part of category

Banking & Fintech

Atomic

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Mastercard

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