Cardstream and Mastercard Join Forces to Accelerate Open Banking Adoption in the UK

Cardstream and Mastercard Join Forces to Accelerate Open Banking Adoption in the UK

Cardstream, a leading UK-based FinTech renowned for its white-label payment solutions, has recently announced a strategic partnership with Mastercard, a global leader in payment technology. This collaboration aims to enhance Cardstream’s Payment Facilitation-as-a-Service (PFaaS) platform, allowing businesses in the UK to offer open banking payments to merchants and retailers, as reported by FF News.

Enhancing Payment Options for Merchants

The partnership between Cardstream and Mastercard is designed to significantly expand payment options for both merchants and their customers. With the integration of Mastercard’s Open Banking technology, Cardstream’s clients—including acquirers and payment facilitators—can now seamlessly include open banking as a payment method alongside traditional card payments.

Supporting the Demand for Secure Digital Payments

This initiative comes in response to the growing demand for secure, bank-based digital payment alternatives. Cardstream’s PFaaS platform offers white-label services that empower partners to operate under their own brand while utilizing Cardstream’s robust infrastructure. Key features of the platform include:

  • Efficient processing, collection, and disbursement of transactions across various payment methods.
  • Secure Open Banking connectivity, enabling easy access to UK banks.
  • User-friendly consumer experience for a range of transactions.

Innovative Payment Solutions to Roll Out by 2025

The new solution will facilitate single immediate payments (SIPs) and set the groundwork for commercial variable recurring payments. This next-generation payment method will enable direct-from-bank recurring bill payments, with plans for rollout across Europe, including the UK, by late 2025.

A History of Collaboration

Cardstream and Mastercard share a history of successful collaboration, having previously worked together on innovations such as network tokenization and Click to Pay. This latest initiative further strengthens Cardstream’s offerings to its partners.

READ ALSO  CBOE Submits Four Ripple ETF Applications: What You Need to Know

Statements from Leadership

Cardstream’s CEO, Adam Sharpe, expressed enthusiasm regarding the partnership: “There’s strong demand for open banking payments as a secure and convenient way to pay alongside cards. We’ve long collaborated with Mastercard on innovations like network tokenization and Click to Pay, and we’re excited to offer a turnkey solution that lets payment providers launch branded Open Banking Merchant Services quickly.”

Valerie Nowak, Mastercard’s Executive Vice President and Head of Open Banking for APEMEA, added: “The open banking market is set for significant growth in Europe. Our commitment is to foster an innovative, accessible, and secure payments ecosystem. By empowering Cardstream, we can support both issuing and acquiring customers with a comprehensive open banking solution and thereby enhance payment choice for their customers.”

For more information on the evolving landscape of payment technologies, you can visit Mastercard or explore Cardstream’s official website.

Similar Posts

Omnispay Secures $1.5M Investment to Accelerate Digital Payments Adoption for SMEs in the GCC

Omnispay Secures $1.5M Investment to Accelerate Digital Payments Adoption for SMEs in the GCC

Bysupport

UAE-based FinTech company Omnispay has secured $1.5 million in seed funding, led by Singapore’s Mercatus Capital, to enhance SME payment solutions in the GCC. With digital adoption under 5%, Omnispay aims to capture a $1.5 trillion annual market opportunity by offering an all-in-one platform that includes collection solutions, payment processing, and borrowing options. The investment will accelerate expansion, enhance product features, and develop multilingual solutions. Omnispay has onboarded over 1,600 businesses and enjoys a 40% monthly growth rate in payment volumes. CEO Vimal Kumar highlights the importance of supporting SMEs, crucial for regional economic growth.

TradeBridge Secures £70M Credit Line from Castlelake to Boost UK SMEs and eCommerce Growth

TradeBridge Secures £70M Credit Line from Castlelake to Boost UK SMEs and eCommerce Growth

Bysupport

TradeBridge, a FinTech lender focusing on embedded finance for small and medium-sized enterprises (SMEs), has secured a £70 million financing facility led by Castlelake, furthering its commitment to SME growth. This follows a £100 million facility granted earlier in 2023. The funding will enhance TradeBridge’s ability to support B2B and B2C eCommerce, especially benefiting UK Amazon sellers through a new partnership. TradeBridge has disbursed over £5 billion in capital across various sectors globally. Castlelake, a significant player in private credit, has a history of supporting SMEs, reinforcing TradeBridge’s role in providing essential financing solutions.

Hawcx Secures $3M Funding to Revolutionize Passwordless Authentication in Cybersecurity

Hawcx Secures $3M Funding to Revolutionize Passwordless Authentication in Cybersecurity

Bysupport

Hawcx, a cybersecurity startup focused on passwordless authentication, has raised $3 million in a pre-seed funding round led by Engineering Capital, with support from Boldcap. This funding will help Hawcx enhance its product and expand its market presence. Founded in 2023 by Riya Shanmugam and others, Hawcx aims to address security vulnerabilities tied to traditional passwords, which are linked to 86% of data breaches. Their platform integrates easily with existing systems, simplifying user login. CEO Shanmugam highlights the urgent need for innovation in authentication, as traditional passwords become obsolete in favor of more user-friendly solutions.

Shocking Survey Exposes UK Consumers' Security Fears About Real-Time Payments

Shocking Survey Exposes UK Consumers’ Security Fears About Real-Time Payments

Bysupport

A recent FICO survey highlights UK consumer perceptions of real-time payments (RTP), revealing that while 79% have sent and 73% received RTP, 23% are unsure about transaction security. The UK lags behind global RTP usage, with only 16% using it for business-to-person transactions compared to 31% globally. Only 35% of UK respondents believe RTP is more secure than credit cards, compared to 51% globally. Experts stress the need for banks to enhance security measures and educate consumers. Strategies to boost adoption include using scam protection technologies and tailored communication, aiming to build trust and confidence in RTP.

Half of UK Buy Now, Pay Later Users Unaware of Late Fee Risks

Shocking Truth: 50% of UK Buy Now Pay Later Users Unaware of Hidden Late Fees!

Bysupport

Buy Now Pay Later (BNPL) services are increasingly popular in the UK, with over 15 million adults expected to use them for holiday spending, according to Citizens Advice. However, a study by RFI Global reveals troubling statistics: only 52% of BNPL users are aware of late payment fees, and about 15% have incurred these fees, rising to 22% among those with poor credit. A third of users make BNPL decisions at checkout, and many remain unaware of the products’ unregulated status. The UK Government plans to regulate BNPL services by 2026, highlighting the need for increased consumer awareness.

UK Cybersecurity Budgets to Surge by 31% in 2025: A Record Investment in Digital Defense

UK Cybersecurity Budgets to Surge by 31% in 2025: A Record Investment in Digital Defense

Bysupport

UK organizations are set to boost cybersecurity budgets by an average of 31% in 2025, significantly outpacing the global forecast of 15%. The upcoming Infosecurity Europe 2025, scheduled for June 3-5 at ExCeL London, will celebrate three decades of cybersecurity advancements and address future trends. Key investment areas include application, network, and cloud security. Despite 71% of organizations deeming their budgets adequate, 8% report funding shortfalls. Challenges persist in engaging cybersecurity professionals at the strategic level, underscoring the need for better communication with corporate leadership. The event will introduce new conference tracks and networking opportunities to enhance attendee experience.

Leave a Reply

Your email address will not be published. Required fields are marked *