Bogdan Grishenkov’s Post

News from the open banking frontier. 💳 Mastercard launches “Open Banking for Account Opening” program to streamline digital account opening for US consumers and small businesses. Why the move? You know that Gen Z is driving a surge in mobile banking adoption. Mastercard's program aims to meet this demand. By providing free access to essential open banking solutions, Mastercard empowers issuers to streamline account opening processes, verify ownership, and minimize manual data entry. 💬 In a comment to The Fintech Times, Silvana Hernandez, EVP of Product and Engineering, North America at Mastercard, highlights the importance of secure and efficient digital experiences, emphasizing the program's role as "another entry point to the digital economy." Catch me at FinTech Meetup or comment here to discuss open banking trends. #TuesdayAlert #Mastercard #openbanking #digitaltransformation #FinTech

Today, Mastercard announced the Open Banking for Account Opening program in the U.S, providing access to innovative #openbanking products for participating Mastercard issuers. See the full story below 👇 to learn more about how open banking creates a faster, more convenient digital account opening experience, reducing the risk of account abandonment and payment failure. #MastercardOpenBanking

Exciting news from Mastercard Open Banking today! With Open Banking for Account Opening, Mastercard issuers can do the following:  ✅ Confidently verify account ownership  ✅ Lower abandonment & inactive accounts through rapid account funding & a more seamless user experience  ✅ Reduce costly NSF returns with real-time balance checks.  #openbanking #issuers #prepaid #debit #mastercard #productdevelopment

Mastercard and Nexi Group team up to advance open banking payments across Europe. Nexi, the leading PayTech in Europe, has chosen Mastercard as its strategic partner across Europe to support open banking account-based payments. Through this partnership, Mastercard Open Banking will facilitate e-commerce payments across Nexi’s gateways serving merchants across Europe. Together, Mastercard and Nexi will build an integrated digital payment ecosystem by advancing Mastercard Open Banking-powered solutions that offer secure, seamless payment experiences with more choice for consumers when shopping online.  Unlike more traditional payment options, open banking allows anyone with a bank account to initiate swift digital payments to a merchant’s account. Payments are initiated directly through existing authentication protocols with a consumer’s bank, including biometrics, to retrieve the necessary information to execute a payment, making the experience easy and efficient. Source: https://lnkd.in/ePhV8vwV Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #partnership #banking #bankingtechnology #payments #digitalpayments #financialtechnology #financialservices #financialsolutions

Mastercard Open Banking and Nexi Group have formed a strategic partnership to utilize Mastercard's open banking technology for seamless and secure digital payments across Europe. Through this collaboration, Mastercard Open Banking will enable e-commerce transactions on Nexi's platforms, providing consumers with more choices. The open banking approach allows anyone with a bank account to initiate swift digital payments directly to a merchant's account, using existing authentication protocols. Merchants will benefit from real-time payment authorization and settlement, enhancing cash flow management. The partnership aims to create an integrated digital payment ecosystem, meeting customer expectations for fast and frictionless payment experiences in the digital landscape. #OpenBanking #DigitalPayments #Mastercard #Nexi #Fintech

Consumers demand friction-free experiences when dealing with financial situations. Trust is key and any delays or mishaps can quickly erode that trust. With #OpenBanking and #A2A transfers, validation and payment can be done quickly and seamlessly - even with a mobile device. Plus, this method is less costly for merchants and billers compared to traditional interchange-leaden card payments. To learn more about #paybybank, speak to #Trustly.

Revolut is leading the digital banking revolution! From its inception in 2015 to becoming Europe's largest neobank, Revolut’s recent campaign has further boosted its unique position and consumer recognition with over 30 million customers worldwide! Revolut's ads feature diverse scenarios, showing off its varied products and ease of use, establishing it as a leader in mobile-only banking. The brand's innovative approach is setting new standards in the industry. Dive deeper into Revolut’s revolution and read the full case study: https://lnkd.in/e8XWBg_6 #Revolut #BrandZCaseStudy

New report just dropped 🗞 In a brand-new P20 - Payments 20 report, our own Jess Turner, Global Head of Open Banking and API, joins industry leaders across financial institutions as they outline key initiatives to advance innovation, security and financial inclusion in the open banking ecosystem. In the report, Jess says: “Open banking is opening the door for people to leverage their own data like a currency. Mastercard has and will continue to believe that people own their data, should know where their data is going and it should be safe and secure. Open banking democratizes what you can do with data and it allows people without standard records to access new products.” 🔗 Get your copy here: https://lnkd.in/eV2Uxcfi #MastercardOpenBanking 

Did you know that Open Banking payments could surpass Buy Now Pay Later in the next few years? 😮 emerchantpay's new research demystifies this up-and-coming payment method and the benefits that merchants can reap from being early-adopters. Download the report and unlock new opportunities for business growth: https://bit.ly/3W6GdlO #openbanking #eCommerce #onlinepayments #fintech

Mastercard simplifies subscription management with Smart Subscriptions. Mastercard unveils Smart Subscriptions, an open-banking powered subscriptions management solution that financial institutions can easily plug into their consumer banking applications. Beyond basic management functions, Smart Subscriptions delivers individual spend analysis, expenditure categorization, and personalized offers all in a single user-friendly experience. It leverages Mastercard’s Subscriptions Control solution, introduced in 2023, that allows consumers to cancel, pause and resume their subscriptions. According to a Mastercard survey, 73% of consumers indicated they’d be interested in a tool that would help them identify, track, cancel, or renew subscriptions, and 60% of consumers trust their bank with such a tool. Smart Subscriptions connects multiple accounts into one central hub using Mastercard’s open banking technology, provided by its U.S. open banking arm Finicity. The white-labeled, payment- and network-agnostic solution is uniquely configured to allow any bank to implement with a single, low-lift API. Source: https://lnkd.in/eyhvqgKc Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #mastercard #payments #digitalpayments #paytech #paymentsolutions #financialtechnology #financialservices #financialsolutions #fintechnews