Supporting industry-led open finance initiatives across the United States
In 2020, we welcomed Finicity to the Mastercard family. Our open banking platform and data aggregation solutions help US organizations to empower their customers with better financial experiences.
Learn more about Finicity, a Mastercard company
Empowering financial innovation across the EU and UK
Aiia’s European network connects third parties to over 3,000 banks, providing secure access to personal and corporate financial data and enabling seamless payment experiences.
Learn more about Aiia, a Mastercard company
Our open banking fraud solution provides financial institutions with near real-time protection against unauthorized third-party providers
Frequently asked questions
What is open banking?
Simply put, open banking gives you the ability to share your financial accounts’ data to access innovative financial service experiences.
Traditionally, only you and your bank could access your financial data. Open banking allows you to share that data with another financial service provider — either a different financial institution or third party, to empower you to use your own data for your own benefit. These third-party providers can include a wide range of fintechs, currency exchanges, merchants and other digital platforms.
What are the benefits of open banking?
The benefits of sharing access to your bank account information may allow you to access new, tailored and more relevant financial services that improve your control over your data.
For example, many of us hold accounts at different banks or brokerages. Open banking allows you to aggregate the information for all those accounts into one real-time dashboard of your choosing, so you can see all your money in one place.
It may even make your money smarter: Some financial service providers, such as Aion, overlay artificial intelligence to provide actionable insights to help you create a budget and manage your money.
What are open banking payments?
In some markets, such as the U.K., European Union, India and the U.S., open banking includes mechanisms for people to allow third parties to make payments from your bank account. These are often called open banking payment initiation services.
This can help to maximize rewards, savings and investments, or to help avoid overdraft fees by allowing a financial service provider to move money automatically between your accounts. Open banking payments also can provide a faster and more secure way to make payments online: Instead of having to open your banking app or use another online payment interface, you can make transfers through the service you’re using.
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