Mastercard has partnered with Worldpay from FIS and Zip to scale additional Open Banking-powered solutions and to support partners with flexible and secure lending. Through this collaboration, Mastercard aims to enable more payment choice, increase consumer lending, and modernise account-based payments.

Moreover, the company wants to offer Open Banking services to more consumers and small businesses, allowing them to permission the sharing of their financial data between trusted parties. Considering that more individuals manage their finances online, the digital economy landscape is evolving to safeguard against account takeovers and synthetic identity fraud, which can lead to substantial financial losses. As seen in Javelin's research, consumers in the US and Canada lost approximately USD 3.2 billion from fraudulently opened accounts in 2022. To reduce the impact of fraud, Mastercard leverages AI to protect more than 125 billion payment transactions annually.

Mastercard – Worldpay partnership capabilities To continue its commitment to scale and modernise payments, Mastercard partnered with Worldpay, a merchant solution business from FIS, so that consumers can permission for their data to be shared, but not stored, between trusted parties and securely pay bills directly from their bank account. Mastercard’s Open Banking technology aims to eliminate the friction associated with manually typing in routing and account numbers each time. Moreover, the technology automates consumer onboarding for billers and merchants and reduces the risk and costs associated with storing bank account details.

Worldpay leverages Mastercard’s account owner verification features to support merchants in the onboarding process. According to Worldpay’s officials, the partnership allows the company to leverage Mastercard’s Open Banking platform in the US to provide secure and simplified account verification services, offering customers improved payment options and advance Open Banking capabilities globally. Mastercard – Zip collaboration objective By partnering with Zip, a Buy Now, Pay Later (BNPL) firm, Mastercard uses its Open Banking technology, provided by its US arm Finicity, to enhance the real-time underwriting of Zip’s lending program. The two companies aim to help consumers in budgeting larger purchases that can be paid overtime. Small and medium-sized businesses (SMEs) also face issues regarding lending, with 52% of US SMEs stating that their financing needs aren’t met.

According to Mastercard’s officials, Open Banking solutions can accelerate the lending process, so consumers and SMEs are able to receive the funds they need. Additionally, the technology can provide underwriters with access to the financial data needed so that consumers and SMEs do not collect funds they cannot pay back. Mastercard’s previous partnerships Currently, the company is co-innovating with partners across the ecosystem to develop broad connectivity and data services to support customers, including access to approximately 95% of deposit accounts in the US and 3,000 banks across Europe.

In September 2023, Saxo Bank partnered with Mastercard to implement Open Banking payments in its investment platforms. The two companies focus on making the process of transferring funds into investment accounts more efficient and secure for the bank’s customers. .