Open finance

If you’re already passively benefiting from ACH transfers, imagine the positive outcomes that could come from actively leveraging the ACH network. Here are six fundamentals to get you started.

As we head into the new year, we are highlighting a few topics that are top of mind for Mastercard Open Banking and how we see the Open Banking landscape evolving over the next 12-24 months.

Whether your company uses direct deposit or other direct payments through the ACH network, you’re likely leveraging WEB debit transfers in some way.

In today’s quickly evolving digital landscape, consumer preferences and expectations are reshaping the way we engage with financial transactions.

In partnership with Mastercard Open Banking, with services provided by Finicity, a Mastercard company, Fannie Mae continues to work toward improving access to affordable housing with secure banking-powered technologies, speeding up the application process for lenders and reducing the need for manual document preparation.

As governor of the automated clearing house (ACH) Network that moves $80 trillion in funds electronically each year, U.S. payments industry association Nacha has been moving payments forward for 50 years.

Whether we realise it or not, most of us have incorporated technology into our financial lives. According to the Mastercard New Payments Index which surveyed 35,040 general consumers across 40 markets, 85% of people globally have used at least one emerging payment method in the last year.

Qualified small business borrowers can be denied access to capital when their finances are depicted by static documents that don’t tell the full story.

While speed and convenience are crucial in today’s financial innovations, they have to be paired with security.

Choosing messaging apps over landlines and electric scooters instead of gas-guzzling cars, tech-savvy Gen Zers and Millennials think and experience life very differently to Gen X and Baby Boomers.

Lenders should embrace inclusion, transparency and consumer control, as consumers increasingly share bank data—enhancing approval processes and lending experiences while boosting customer satisfaction.

Open banking and now open finance are trading headlines when it comes to fintech, innovation and what the future holds. Differentiating the two isn’t always simple, but in the end, they’re both about empowering consumers and small and mid-size businesses (SMBs) to use their financial data to their benefit.