Open Banking, Partnership Announcements
Synctera expands partnership with Mastercard
Synctera, a leading FinTech banking provider helping innovators build their own FinTechs more efficiently, is expanding its partnership with Mastercard by integrating Mastercard’s open banking platform (provided by Mastercard’s wholly owned subsidiary, Finicity) to provide account verification solutions for Synctera-powered FinTechs. The addition of consumer-permissioned data from an open banking platform allows early-stage FinTechs access to the data they need to mitigate fraud, maximize confidence, and provide more choice in payment transactions to improve user experiences.
“Mastercard’s open banking platform provides consumer-permissioned data that is critical to enabling all ecosystem players, opening the door for the future of financial experiences, and can help streamline account verification to reduce friction between apps and consumers,” said Andy Sheehan, Executive Vice President, U.S. Open Banking at Mastercard. “Mastercard and Synctera’s partnership enhances the support and collaboration that is critical to FinTech innovators and will allow entrepreneurs and developers the ability to go to market quickly and ultimately deliver more consumer choice.”
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