Mastercard unveils solutions to underpin open banking transformation | Europe Hub

Mastercard announced today that it is developing a new suite of services to underpin the transformation taking place in the industry as partners ready themselves to take advantage of Europe’s PSD2 legislation. With trust and security major pillars of the open banking ecosystem, Mastercard’s new services will make it easier for banks and third party providers to work together, enabling open banking to excel.

With the opening up of financial data, trusted third parties will be given access to the information held by banks. This will not only empower third parties and banking incumbents to offer enhanced and individualised products and services, but it will also allow them to initiate payments on behalf of the business or consumer in some cases.

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