Mastercard Unveils New Features for FinTech Express and Engage Programs
Mastercard has announced the introduction of a card issuance function for its FinTech Express platform, marking a significant development in its efforts to streamline services for financial technology companies. The announcement, made on Thursday (April 25), is part of a broader rollout of enhancements to both FinTech Express and Mastercard’s Engage program.
The company’s objective, as stated in a press release, is to simplify collaboration between Mastercard and FinTechs, making it easier for them to swiftly develop and deploy solutions on a global scale.
In addition to the card issuance function, Mastercard revealed that its Engage program, which was launched seven years ago, now features a self-service portal. This portal allows FinTechs to access exclusive resources, increase their brand visibility, and secure localized support.
Regarding FinTech Express, Mastercard is introducing an end-to-end experience for card issuance, along with plans to incorporate applications for Tap on Phone, Mastercard Gateway, QR acceptance, and more. These enhancements aim to help FinTechs accelerate from application to launch in a straightforward, fast, and transparent manner.
Mastercard also unveiled its “Scam Protect” product suite this week, along with several cross-industry partnerships aimed at combatting the use of artificial intelligence (AI) to deceive consumers. By leveraging its identity, biometric, AI, and open banking capabilities, Mastercard aims to protect consumers from a wide range of internet and payments scams.
According to data from the FBI, U.S. consumers lost $12.5 billion to internet scams in 2023, highlighting the urgent need for effective measures to combat fraudulent activities. Chris Reid, Executive Vice President of Identity Solutions at Mastercard, emphasized the importance of leveraging innovations in AI and forming strategic partnerships to detect and prevent scams, thereby fostering trust in the digital world.
Mastercard’s recent initiatives come amidst changes in its leadership, reflecting broader trends in the payments industry. As AI continues to reshape the landscape and interchange reductions impact the industry, there’s a growing emphasis on data monetization and aligning executive decision-making with technological advancements.
Source: pymnts.com
