Mastercard Enhances Open Banking Activity with Worldpay and Zip Partnerships

Published 6 months ago
  Worldpay

Mastercard has announced partnerships with Worldpay, a merchant solutions business, and Zip, a Buy Now Pay Later (BNPL) firm, in a bid to escalate its open banking initiatives.

Seamless Data Sharing and Secure Bill Payment

The collaboration with FIS unit Worldpay aims to enable customers to authorize their data to be shared between trusted parties. This will facilitate secure bill payments directly from their bank accounts, avoiding the need to manually enter routing and account numbers for each transaction. Mastercard’s open banking technology also automates consumer onboarding for billers and merchants, reducing the risks and costs associated with storing bank account details.

Sudev Balakrishnan, Chief Product Officer at Worldpay Merchant Solutions, FIS, expressed enthusiasm over the partnership. He said, “We are delighted to partner with Mastercard to leverage their open banking platform in the U.S. to offer secure and seamless account verification services. This allows us to provide our customers with enhanced payment options and advance open banking globally.”

Boosting Real-Time Underwriting Process

Zip is enlisting Mastercard’s open banking arm, Finicity, to enhance the real-time underwriting process of its lending program.

Jess Turner, EVP of Global Open Banking and API at Mastercard, stated that they are redefining how identity is established and authenticated. “We’re providing more payment choice and opening doors to tailored solutions that will revolutionize financial experiences,” she said.

The partnerships signal Mastercard’s continued commitment to advance open banking. They also demonstrate the potential of open banking in enhancing payment choices and transforming financial experiences for customers.

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