Mastercard Advances Open Banking Platform with Deposit and Bill Pay Solutions
Mastercard has integrated Deposit Switch and Bill Pay Switch into its Open Banking platform, empowering consumers to effortlessly update direct deposits and recurring bill payments when managing their digital accounts. These solutions, developed in collaboration with Atomic, a leader in payroll and merchant connectivity, provide a streamlined and secure account management experience.
Simplifying Direct Deposit Switching
Mastercard’s Deposit Switch, embedded directly within a financial institution’s app or website, eliminates manual paperwork by enabling consumers to automatically route their payroll deposits to a new or existing bank account. This solution securely connects to the top payroll systems in the U.S., enabling real-time updates and redirections of deposit allocations.
Streamlining Recurring Bill Payments
Mastercard’s Bill Pay Switch enables consumers to add or update their payment credentials with regular merchants and billers, including subscription services, utilities, telecom providers, and insurance companies. Utilizing TrueAuth technology, the solution authenticates directly with each provider to update payment credentials without requiring consumers to leave the mobile application or online banking environment.
These solutions are anticipated to be available in 2024, further modernizing and securing the digital account journey. Mastercard’s global open banking platform and high-quality data connectivity empower consumers and businesses to securely access and share data, driving innovation and financial inclusion worldwide.
