Following this announcement, fintechs, brands, and financial institutions that leverage Helix’s cloud-native service will have the possibility to issue Mastercard debit and prepaid cards to their account holders. In addition, the strategic deal will focus on meeting the needs, preferences, and expectations of clients, in order to improve their overall experience.
The collaboration will also integrate Mastercom, Mastercard’s dispute resolution tool, into the existing dispute intake capabilities of Q2, Centrix, to offer an efficient product for managing disputes. This aims to improve the manner in which financial institutions and banks mitigate chargebacks.
At the same time, the companies will prioritise allowing FIs that use the recently announced Q2 Fabric service to issue Mastercard-branded debit cards. Q2 Fabric represents a product that was designed to enable banks and credit unions to launch their own digital brands in order to grow deposits, adapt to the changing customer expectations, make their retail portfolios more profitable and secure, as well as to optimise the process of distributing their solutions across other partners. It combines digital banking capabilities with the lightweight cloud-based core of Helix, alongside a pre-integrated fintech ecosystem. The product will accelerate the delivery of purpose-built digital tools, such as high-yield savings accounts, or the overall demand for deposit accounts.
Global technology company in the payments industry, Mastercard provides its partners and customers with multiple solutions and services, focusing on the process of connecting and developing an inclusive and secure digital economy, that benefits both users and financial institutions. The company had multiple collaborations and launches in the last couple of months, covering several geographic areas around the world.
In October 2023, Mastercard announced its partnership with J.P. Morgan in order to launch the Open Banking-powered Pay-by-bank solution, which was designed to provide a secure payment exchange for US-based customers. Throughout this strategic deal, J.P. Morgan Payment’s Pay-by-bank service was set to offer companies and firms the capability to allow their users to pay bills directly from their bank accounts.
The product was developed by leveraging the Open Banking technology of Mastercard, in order to optimise the ACH capabilities of the financial institution. Pay-by-bank was also aimed to provide payment choices and a simple, frictionless, and secure experience for billers to deliver to their clients. According to the press release published at the time, Verizon planned to pilot the service with its US-based clients in the following months.
Earlier in the same month, Mastercard announced its collaboration with Worldpay from FIS and Zip in order to scale additional Open Banking-provided services and to provide partners with flexible and secure lending.
Following this announcement, Mastercard focused on enabling more payment choices, modernise account-based payments, as well as increase overall client lending. In addition, the firm also wanted to offer Open Banking solutions to more users and small businesses, which was set to allow them to share their financial data between trusted parties.
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