Mastercard is preparing for the launch of open banking

Mastercard is developing new services that will facilitate open banking. 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. With the opening up of financial data, trusted third parties will be given access to the information held by banks. Mastercard’s new suite of services will deliver practical answers to the real challenges in this field, e.g. they will incorporate a pan-European directory of third party providers, offer a sophisticated fraud monitoring service, create a dispute resolution mechanism feature and a connectivity hub. Testing will start in early 2019 in the UK and Poland.. //