Mastercard will use open banking to expand beyond payments
Mastercard sees itself as a central player in the open banking regime, and is using an acquisition in the United States to build data analytics services, including for loan assessment and invoice management, as it moves beyond its traditional focus on cards and payments.
Mastercard applied to the Australian Competition and Consumer Commission for accreditation to become a data recipient under the government’s consumer data right and is building integrations with banks to allow it to receive bank account data when customers consent.
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