Connect with us


Mastercard at Money20/20 USA: Open Banking Innovations Unveiled



Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and offer key insights into the future of fintech. 

We caught up with Jess Turner at the show, Global Head of Open Banking & Payments for Mastercard, who shared with us the latest Open Banking innovations the payments processor is pioneering on both sides of the pond. 

Mastercard: Innovating Open Banking in partnership with Worldpay

Open banking started in Europe with PSD2,” says Turner, “with guidelines and regulations on making a certain amount of a bank’s customer data available to third parties.”

Since PSD2 launched in 2018, there has been a journey to standardise the technology into something scalable – and the approach to Open Banking in Europe vs the US is very different. So, can you scale in the same way on either side of the Atlantic? 

As Turner explains: “Open banking in the US is very different from Europe (where it is regulated), it is market driven and a result of financial institutions responding to consumer demand.

“So what we’ve been doing across both Europe and the US is working on best-in-class connectivity between the banks and the third parties with consumer consent. This way, whatever the use case is, we can make sure the data works, it’s high quality with best-in-class security and foundational compliance programmes and can solve problems. 

“Even though one market (Europe) is regulated and the other (US) is market-driven today, solving the issues for how these open banking ecosystems work is very much the same.”

And, as Mastercard continues to connect banks and third parties in the era of Open Banking, it’s now optimising its services by partnering with Worldpay. 

Turner said of the recently announced partnership: “We’re excited about our growing partnership with Worldpay. Now that it’s extended, we’re using our Open Banking connectivity to connect consumers, at their consent, to third parties through their bank accounts.

“How that works is a consumer decides that they want to connect their bank account for a payment – typically in the biller segment – and they give us consent. 

“We then connect their bank account on their behalf, and create products and services that can help reduce fraud, allowing consumers to then make a bill payment through Worldpay more seamlessly.” 

For more from Turner on Mastercard’s work in the Open Banking space, you can click on the video link above. 

Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days. 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *