Interchecks has joined Mastercard in a strategic collaboration that combines its Pay by Bank solution with Mastercard’s Open Finance capabilities to improve A2A payments.
By teaming up with Mastercard, Interchecks aims to further advance its commitment to optimising Pay by Bank and position it as a scalable option for businesses and consumers across industries.
Dylan Massey, Co-Founder and Chief Executive Officer of Interchecks, expanded on this, saying that collaborating with Mastercard Open Finance marks another step in the company’s mission to align with a network that makes paying directly from a bank account simpler and more secure.
Scaling flexibility for consumers
Considering that consumers now demand flexibility and an optimal experience when paying, Mastercard is partnering with companies like Interchecks on its Pay by Bank solution, which utilises Open Banking to augment recurring and high-volume payments made through ACH. The company also focuses on integrating fraud prevention and verification solutions to boost the security of payments.
The collaboration enables Interchecks to utilise Mastercard’s Open Finance verification tools and network reach to increase the accessibility of Pay by Bank across more markets and use cases. The two companies intend to address several payment issues encountered by consumers and businesses, including minimising complexities from failed subscription payments, offering more efficient account funding options, and augmenting recurring bill pay experiences for businesses and consumers.
Furthermore, Mastercard and Interchecks plan to increase the accessibility of A2A payments across several sectors, including brokerage funding, subscription payments, and insurance, industries where cost efficiency and consumer choice are fundamental.
More specifically, for enterprise SaaS, Pay by Bank provides subscription businesses a way to improve the checkout experience, leveraging the consumer’s existing authentication protocols. The information from bank-authenticated data safeguards consumers and merchants by ensuring that payments are made efficiently and minimises the risk of transaction fees for insufficient balances.
When it comes to banks, neobanks, and fintech companies, Pay by Bank can decrease friction from customer onboarding through more flexible account funding options that, in turn, optimise authentication rates and funding success. At the same time, telecom, utilities, and bill pay companies can benefit from a stable payment method, minimising failed transactions and leveraging insights to make payments based on the biller’s historical transaction behaviour and account balance.
