The future of open banking with Mastercard

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Depending on whom you ask, open banking is just over the horizon in the US—or it’s already here. That perception hinges upon how market actors define open banking, and how participants interpret key use cases that already use portable data to deliver convenience and flexibility to consumers and businesses.

How does open banking’s status affect fintech writ large, especially its incumbents?

To answer that question, The FR met with Jess Turner, EVP – Global Head of Open Banking and API at Mastercard. Onsite at Fintech Meetup, Turner outlines:

  • Where Mastercard sees open banking developing in the US, and how it already exists within core use cases; 

  • How a lack of consumer and industry awareness around open banking affects Mastercard’s efforts; 

  • The use cases Mastercard is looking to solve within the open banking space; 

  • Why account opening, digital identity, payments, lending facilitation, and small business support are at the core of Mastercard’s current roadmaps; 

  • Why Mastercard acquired Finicity in 2020, and how the acquisition complements Mastercard’s open banking accelerator program for fintechs; 

  • Where Mastercard hopes to be a year from now within the open banking landscape; and

  • Why open banking has taken this long to come to full fruition in the US.