Open banking gives people and businesses more control over their financial data. This includes determining how and where integrated third parties – such as fintechs or other banks – can access that information to provide new services like money management programs or initiate payments on their behalf.
Mastercard’s open banking services in Europe feature connections to more than 1,800 financial institutions. It has increasingly invested in this space over several years, including the 2019 launch of a set of comprehensive open banking solutions in Europe.
The acquisition of Finicity will enhance Mastercard’s existing open banking solutions by enabling them to expand in North America and other key geographies.
“Open banking is a growing global trend and a strategically important space for us. With the addition of Finicity, we expect to not only advance our open banking strategy, but enhance how we support and accelerate today’s digital economy across several markets,” said Michael Miebach, president of Mastercard.
“Enabling people to access and control their data, while ensuring best practices to protect that data, will continue to drive tremendous innovation that increases financial literacy, inclusion and health. This partnership with Mastercard helps us accelerate this mission globally,” said Steve Smith, chief executive officer and co-founder of Finicity.
“We are pleased to see the combination of Finicity and Mastercard,” commented Craig Boundy, chief executive officer of Experian North America. “We look forward to collaborating with them in our ongoing mission to help consumers.”