Open banking is helping fuel a revolution in financial services.
Open banking (sometimes called open finance) can provide people with more convenient ways to view and manage their money and simpler ways to access credit or personalized deals and rewards. Open banking can also power different kinds of payment services, such as payments in video games or using business accounting apps.
The practice is already helping to widen access to financial services for millions of people and build on the broader introduction of real-time payments and other emerging payment technologies. Open banking is poised to transform financial services, with the potential to disrupt traditional financial services providers as more specialized and targeted services come online.
At Mastercard, we're supporting the growth and maturation of open banking as a means to empower people and small businesses to manage their financial lives simply and more successfully.
The rise of open banking
Consumers are already connecting their data to manage their financial experiences, and they're looking for what's next. "The Rise of Open Banking" measures the early demand and drivers of adoption for the promise of better-connected financial services and more control of consumer-permissioned financial data in North America.Read the report
Making student loans work harder for graduates
For 44 million Americans, the weight of unyielding student loan debt is a major cause of stress and anxiety, a barrier to homeownership and can be a lifelong impediment to building wealth. Access to consumer-permissioned student loan data presents a unique opportunity. Innovators can step in and create apps and build better services that leverage student loan data so graduates can benefit.Read more