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The latest announcement of Mastercard by Currensea and Secure Trust Bank forms a promising next step in the UK’s open banking ladder. Payments companies are a regular feature of various initiatives aimed at advancing what is called the “Future of Finance”.
the company Aia is confirmed to process more than 1 million open banking payments each month with Finnish payment companies pay trailMastercard recently launched an automated clearinghouse payments initiative, “Pay-by-Bank.” JP Morgan Payments.
But its latest announcement confirms the upward trajectory of UK open banking and Mastercard’s pivotal role within the industry.
Debit Platform as a Service Currensea Joins Mastercard’s Startup Engagement Open Banking Program starting pathThe UK’s open banking debit card platform allows issuing branded debit cards without the need for a checking account.
Launched in June, Start Path’s Open Banking Program provides resources for start-ups to scale and develop Open Banking products. The program advocates the benefits of collaboration and encourages joint innovation.
The program provides fintechs with support in customer acquisition, market expansion, product development, marketing and more.
Currensea now has access to hands-on mentoring, co-innovation opportunities, and engagement with Mastercard’s network of banks and merchants.
james RinCurrensea’s CEO believes the Start Path program will “transform our business.”
Support gives us the tools we need to scale at our pace to partner with organizations to issue their own branded debit cards, continues Lynn.
This will allow us to bring our David as a Service offering to a much wider audience.
Mastercard’s second announcement reveals a new partnership with UK-based Secure Trust Bank.
The Solihull-based bank is working on a partnership to develop a retail finance repayment solution. This includes using Mastercard’s open banking technology to process customer account-to-account payments.
This partnership will provide customers with a way to pay off retail finance directly from their bank account of choice, it explains. Gym WadsworthSenior Vice President, Open Banking, Mastercard.
As a result, this solution was embodied in the bank’s “Easy Bank Transfer” payment option.The feature aims to open up wider customer convenience for retail finance repayments through the application of open banking financial data.
It was important to choose a partner who had successfully implemented open banking in the UK, he adds. Chris Highamresponsible for bank payments and cards.
Mastercard’s open banking platform allows us to give our customers more choice when making retail finance payments, continues Higham.
Previously, customers sending payments to their accounts had to log in online to set up new payees. This involved writing down and manually entering reference numbers. It’s been a time consuming process for them and they’ve had some alignment errors.”
