Fintech
Mastercard introduces improvements to FinTech Express
MasterCard is introducing a card issuing feature for its FinTech Express platform.
The payments giant did it announcement Thursday (April 25) as part of a broader rollout of improvements to FinTech Express and its Engage program.
The idea, the company said in a press release, is to make it “even easier for FinTechs and enablers to partner with Mastercard to quickly build and deploy solutions globally.”
According to the release, Engage – a program launched seven years ago – now includes a self-service portal that allows FinTechs to access exclusive resources, increase brand visibility and ensure localized support.
“On FinTech Express, Mastercard is introducing an end-to-end card issuing experience and will add applications for Tap on Phone, Mastercard Gateway, QR acceptance and more, helping FinTechs accelerate from application to launch in a simple, fast and transparent manner,” the company said.
This week Mastercard also announced “Scam Protect,” a suite of products and several cross-industry partners to combat the use of artificial intelligence (AI) to deceive consumers. essentially using AI to fight AI.
“By combining his identity, biometric, Artificial intelligence and open banking featuresthe company said it can help protect consumers across the spectrum of Internet and payment scams, from card-based and account-to-account payments to fraudulent account openings,” PYMNTS wrote.
The report cited FBI data showing US consumers lost $12.5 billion to internet scams in 2023. Across the pond, scammers in the UK were responsible for nearly 1, 4 million thefts during the first half of last year, or one in 12. seconds.
“Scammers are taking advantage of new technologies, making it increasingly difficult for consumers to recognize their deception and identity theft scams,” he said Chris Reid, executive vice president of identity solutions, Mastercard. “Building on our AI innovations and key partnerships, we are supporting financial institutions with insights to better spot and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world.”
Meanwhile, PYMNTS wrote earlier this month about changes at Mastercard commandpart of a similar pattern of reorganization of payment company executives.
“All of these moves reflect the dramatic impact that artificial intelligence has had on the payments sector. Combine the emergence of artificial intelligence with recent reductions in exchanges, and there is an urgent need to move data monetization to the top of the agenda,” PYMNTS wrote. “And given the state of executive decisions on AI measured late last year, it’s all happening just in time.”