Mastercard announces new offering in Europe

Mastercard, the global technology company, has teamed up with Algoan to introduce a groundbreaking Open Banking service in Europe, with the aim of promoting financial inclusivity. The newly unveiled Account Owner Verification product will enable businesses and partners to provide a seamless experience to their customers by swiftly confirming individuals’ identities. By leveraging Open Banking technology, the solution automates the process of verifying customers’ ownership of their bank accounts.

In collaboration with the French-based Open Banking credit decisioning firm Algoan, Mastercard intends to offer efficient and secure Open Banking data services to its clients. The partnership will focus on facilitating intelligent lending decisions through Open Banking in the United States. The agreement is poised to accelerate the inclusion process by enhancing the overall credit decisioning procedure, starting with the Western European Region. Algoan plans to utilize Mastercard’s Open Banking connectivity to enhance its services, including Credit Insights, Credit Score, Payment Score, and categorization features.

The account verification procedure relies on Mastercard’s European Open Banking connectivity. It grants companies and businesses a match score that indicates the strength of the match between the name provided for verification by an individual and the name on file at the end user’s financial institution.

Mastercard has been actively forging partnerships and launching new products to enhance its suite of services and solutions for clients worldwide. Over the past few months, the company has engaged in several collaborations and introduced various offerings in multiple regions.

One notable partnership was with Fabrick in May 2023, as Mastercard extended its collaboration to develop Embedded Finance products and streamline the digitalization process for businesses across Europe. As part of the agreement, Mastercard made a minority investment of EUR 40 million in Fabrick’s fundraising campaign.

Additionally, in the same month, Mastercard expanded its partnership with Pan-European bank UniCredit to enhance the payments landscape with a comprehensive card service. Both companies emphasized their commitment to environmental and social sustainability, pooling insights and resources to develop tools that foster community growth, combat climate change, and facilitate donations in everyday transactions.

In May 2023, Mastercard also joined forces with payment solution provider Foloosi to launch Click to Pay, a convenient payment solution. Under this collaboration, Click to Pay became the preferred payment method for guest checkout among Foloosi’s partners and merchants. The launch saw over 6,000 merchants offering Click to Pay to their customers.

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