Mastercard Launches Assemble Hub, Enables P2P Via Mastercard Send

Mastercard, the payments company, announced news on Tuesday (Dec. 12) of a new API platform. Dubbed Assemble, the platform features one centralized, secure account that covers all of a consumer’s banking needs.

In a press release, Mastercard said Assemble is a prepaid innovation hub issuers and partners can offer customers that includes the ability to check balances, budget, set savings goals and make real-time payments to nearly everyone in the U.S. that has a debit card. The first product to come from the Mastercard Assemble API is targeted at millennial spending, offering consumers a simple, safe way to manage money through a digital prepaid account, mobile app or payment card.

“Prepaid is much more than just a way to safely store and use funds. It is a foundation to create new possibilities for consumers,” said Tom Cronin, senior vice president, Global Prepaid Product Development and Innovation, Mastercard. “This technology enables our partners to deliver best-in-class digital experiences today, as we work to address additional segments, such as gig economy workers and underserved consumers and micro-businesses.”

Mastercard Assemble bundles assets and services together and enables the digital prepaid solutions to promote innovation, increase the speed to market and provide customers with seamless and secure usage, Mastercard said in its press release. Issuers and partners can choose to deploy a white-label version of the solution or to integrate specific functions into their current user interfaces through APIs.