The solution offers pre-processing and routing against an Open Banking initiated payment and will not interfere with Mastercard’s in-house deployed network solution. The service uses Open Banking APIs to collect account data and further analyse it to pinpoint the best routing for the transaction. For instance, a payment made from a low-balance account might be routed to a real-time payment rail, while high balance account payments could be routed to slower and lower-cost rails.
Based on real-time bank account information consented by the customer, Finicity’s feature allows the payment origination (the bank, merchant, payment service provider, or digital wallet) to consider the consumer’s balance and historical behavioural risk patterns to ensure an optimised day and payment rail.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now