The move allows Cardstream’s clients, such as acquirers, payment facilitators, and channel partners, to support Open Banking payments alongside traditional debit and credit card transactions for their merchant customers.
The collaboration builds on Mastercard’s Open Banking infrastructure to facilitate connectivity between consumer bank accounts and merchant services. The updated platform supports single immediate payments (SIPs) and is designed to be compatible with commercial variable recurring payments once they are introduced in the UK and across Europe, expected by late 2025.
With this integration, merchants using services enabled by Cardstream’s white-label platform can offer customers the option to initiate payments directly from their bank accounts. The platform manages the processing, collection, and settlement of these transactions, leveraging Cardstream’s existing gateway capabilities.
Representatives from Cardstream noted that there is increasing demand from merchants for Open Banking as an alternative to card payments, describing the integration as a practical step in meeting that need. Mastercard officials commented on the anticipated expansion of open banking in Europe and said the company aims to support this shift by enabling partners to offer secure and flexible payment services.
The combined solution is intended to help payment providers offer branded Open Banking services with minimal setup, aligning with general industry developments in digital payments infrastructure.
These developments follow Cardstream’s partnership with Canada-based commerce solutions provider Moneris from March 2025. The joint effort leveraged Cardstream’s Payment Facilitation-as-a-Service (PFaaS) platform, enabling Moneris’ partners to expand their presence and integrated offerings in the Canadian market.
In essence, by leveraging Cardstream’s technology, Moneris gained the ability to offer better payment facilitation services to its ISV and ISO partners, helping them navigate regulatory requirements and technical integration challenges in Canada. The expanded capabilities are expected to roll out in the second quarter of 2025.
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