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Mastercard Taps For Connectivity Hub

London and San Francisco-based open banking platform company announced that Mastercard has chosen it to provide the connectivity layer for its open banking hub.

Mastercard Taps For Connectivity Hub

“Open banking has the potential to revolutionize how we all interact with financial services,” said Jim Wadsworth, senior vice president who is leading Mastercard’s open banking efforts. “Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and payments experiences for people’s everyday lives. Token’s work in this space will help us to deliver the vision we’ve set.”

While open banking has been gaining traction with consumers in Europe, the next focus is on corporations, which appear to be warming up to the idea. According to a recent report from Centtrip, the treasury technology company, businesses in the U.K. will benefit from the API ecosystem that is emerging thanks to open banking.

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