Mastercard introduces new Open Banking solution for merchants

Tuesday 5 April 2022 09:32 CET | News

Global payments processor and card issuer Mastercard has released a new solution using Open Banking platform Finicity, following its acquisition. 

The solution offers pre-processing and routing against an Open Banking initiated payment and will not interfere with Mastercard’s in-house deployed network solution. The service uses Open Banking APIs to collect account data and further analyse it to pinpoint the best routing for the transaction. For instance, a payment made from a low-balance account might be routed to a real-time payment rail, while high balance account payments could be routed to slower and lower-cost rails.

Based on real-time bank account information consented by the customer, Finicity’s feature allows the payment origination (the bank, merchant, payment service provider, or digital wallet) to consider the consumer’s balance and historical behavioural risk patterns to ensure an optimised day and payment rail.

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Keywords: Open Banking, API, card scheme, online payments, payment processing, payment gateway
Categories: Payments & Commerce
Companies: Finicity, Mastercard
Countries: World
This article is part of category

Payments & Commerce




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