Highlights from Mastercard

The UK continues to lead the charge in open banking At 31 December 2020, 450 third-party providers were registered with a National Competent Authority in Europe — a 10 percent increase on the previous quarter. Half are authorised to provide both account information and payment initiation services. Three fifths (59.3%) of third parties were registered with the UK’s Financial Conduct Authority, while Lithuania also recorded a significant increase in the number of home registrations. Read our Q4 2020 European open banking Tracker to learn more.  

Giving Lloyds’ customers faster bill payment options We’re delighted to announce a partnership with Lloyds Banking Group in the UK to enable bank account-based payment initiation services (PIS) via Mastercard’s Open Banking Connect It follows a similar announcement with Tesco Bank. The service is now enabled for credit card holders of Lloyds Banking Group brands (Halifax, Bank of Scotland and Lloyds Bank) to pay their bills via their mobile app directly and instantly from a current account of their choice.

How open banking can aid small business recovery I spoke to Fintech Finance about how open banking can allow consumers and businesses to access responsible credit. By leveraging a more holistic data set, it enables lenders worldwide to quickly and more accurately assess a customer’s eligibility, allowing them to lend to those they may previously have turned down. We’re excited to be at the forefront of helping our customers to develop and implement open banking-enabled services of both the account information and account-based payment initiation variety to give consumers and small businesses improved choice, control and convenience.

At Mastercard — and Finicity — we will continue to support all participants in the open banking ecosystem to enable a vibrant and competitive financial services landscape as it continues to evolve. To learn more about Mastercard Open Banking Solutions, visit openbanking.mastercard.com — and register your interest. Until we meet again.

Jim Wadsworth
Senior vice president, Open Banking at Mastercard

Telephone: +44 (0) 7944547707 | Email: elioth@thepaymentbusiness.com

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