Mastercard has teamed up with San Francisco-based FinTech Token.io to expand its Open Banking connectivity to European banks.
The card payment services giant will use Token’s open Application Programming Interfaces (APIs) and operating system to connect merchants, retailers and other regulated third parties to financial institutions in Europe, for payments transactions and data flows.
The deal expands on a partnership initially penned in June 2018. Mastercard will now have a pan-European directory to help financial institutions verify Third Party Providers (TPPs) seeking access to customer account details and financial data under Open Banking protocols.
Token’s platform helps banks achieve Payment Services Directive (PSD2) compliance quickly and allows banks to build direct payment methods and data aggregation solutions. Mastercard will also have access to a dispute resolution mechanism and a connectivity hub to European involving European institutions.
Jim Wadsworth, senior vice president leading the development of Mastercard’s Open Banking offering, said: “Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and payments experiences for people’s everyday lives.
“Token’s work in this space will help us to deliver the vision we’ve set.”
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