Mastercard partners with Worldpay and Zip to scale Open Banking services

Mastercard is partnering with Worldpay and Buy Now, Pay Later (BNPL) provider Zip to scale new Open Banking-powered services.

Mastercard said the collaborations would help to enable “more payment choice, empower consumer lending, and modernise account-based payments.”

The partnership with Worldpay will enable consumers to permission their data to be shared between trusted parties and securely pay bills directly from their bank account, it added.

Worldpay will also gain use of Mastercard’s account owner verification capabilities to support merchants in the onboarding process.

With Zip, Mastercard will deploy its Open Banking technology in a bid to improve the real-time underwriting process of the BNPL provider’s lending programme.

Pointing out that Open Banking “cannot be realised without trust” and that consumers in the US and Canada lost $3.2 billion from fraudulently opened accounts in 2022, the payments processor said it would also help by deploying AI to protect more than 125 billion payment transactions each year.

“We’re accelerating our Open Banking connectivity across the US, Australia and Europe, leaning into the breadth of Mastercard’s global network, expertise in data and privacy, and trust of our brand,” said Jess Turner, executive vice president, global Open Banking & API at Mastercard. “We’re providing more payment choice, redefining how identity is established and authenticated, and opening doors to tailored solutions that will revolutionise financial experiences.”

    Share Story:

Recent Stories


Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.

Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.

Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.

This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.