FinTech Automation Joins Mastercard Open Banking Network

FinTech Automation (FTA) has been named a technology partner for open banking within Mastercard’s Engage partner network, the company announced Wednesday (Aug. 3).

According to a news release, the program offers businesses a network to access technology partners that can build open banking solutions for digital payments and lending decisions.

“As we move from the information to the digital age, how we move information is as important as the data itself,” said David Park, FTA’s CEO. “Mastercard and FinTech Automation are key to that movement.”

Based in Dallas, FTA helps companies build a digital financial hub that uses opening banking that lets businesses establish direct consumer-permissioned connections with their customers’ bank accounts.

With these consumer-permissioned connections, businesses can verify accounts for payments and payouts, check balances to reduce payment failures, and mitigate fraud by confirming account ownership. FTA said this has greatly improved the digital payment experience for both the businesses and their customers.

“FinTech Automation’s inclusion in the Engage partner network translates into fewer contracts, faster customer access, enhanced data security, and heightened overall flexibility to better leverage Mastercard’s robust open banking services,” the company said.

Related: FTA, Finicity Partner Open Banking Data

Earlier this year, FTA embarked on another Mastercard-related partnership when it signed an agreement with Mastercard company Finicity to access consumer information for secure account validation and ownership when starting new accounts.

The arrangement lets consumers connect their primary accounts used for depositing funds into a new investment account, which will reduce risk by verifying the owner of an account.

“Secure account opening is a must-have for financial institutions, and open banking data can improve the process and mitigate risk associated with digital account opening,” Andy Sheehan, Finicity president and chief operating officer, said in the joint announcement.