Discover how Mastercard, a leading global payments company, is driving innovation in open banking through its startup engagement program, “Start Path.”
The leader in global payments, Mastercard, has chosen five companies in open banking to participate in its startup engagement program, “Start Path.” Through these partnerships, it hopes to increase access to digital financial experiences and hasten financial inclusion.
According to Mastercard, the five fintechs chosen to be a part of Start Path are placing the needs and wants of consumers and small companies at the center of where and how their financial data is used to access additional services.
Moreover startups will be exposed to Mastercard’s market-leading open banking technology, data connection, and analytics services over the course of a four-month Start Path program. To build and expand open banking solutions, these companies will also have access to Mastercard’s industry knowledge and market insights, as well as the company’s global network of banks, retailers, partners, and digital players.
Furthermore the five fintechs chosen cover a wide range, from credit scoring to using AI to give financial insights. These five fintech companies have joined Start Path:
- Algoan, a provider of credit scoring systems, uses open banking data to assist lenders in making more equitable lending decisions.
- Blockmate, a company located in Slovakia that links banking applications and cryptocurrency data to produce new financial solutions
- Dimply, a financial industry solution for smarter customer experience
- FinGoal is a company that analyzes transaction data from financial companies to produce customer attributes and the optimal course of action for customers and SMEs.
- Retail banks and lenders can access customer intelligence through Fuse by Pave, which offers AI-powered analytics for transactions and open banking data.
“Expand the use of open banking into new spheres of banking and finance”
Financial inclusion is largely driven by open banking, the exchange of customer-permitted financial data, which unites people, families, and organizations for the greater benefit. It gives people more control over how they pay and get paid by enabling them to use their own financial data to obtain capital, repay debts, and make more informed financial decisions.
And than through utilizing partnerships, technology, and open banking to their full potential, Mastercard is moving closer to its goal of connecting one billion people to the digital economy. This is done through providing insights and access to businesses and communities.
Finally executive vice president of open banking and API at Mastercard, Jess Turner, offered his thoughts on the information. Turner stated: “Mastercard is partnering across the ecosystem to provide customer choice while bringing the promise of the digital economy to more people. We are eager to work with the fintechs joining Start Path to expand open banking into new financial and banking sectors and to open up new business opportunities for small businesses, technology vendors, and financial institutions.
Through Start Path, Mastercard has interacted with more than 360 businesses from 49 different countries since 2014.