Mastercard, Open Banking Firm Spire Team on Middle East Digital Banking

Mastercard has recently collaborated with Spire, which provides open banking for the Gulf Cooperation Council, to help improve digital banking for the region, according to a Wednesday (June 22) press release.

This will integrate Mastercard’s Merchant Identifier solution with Spire’s “Ingage,” an artificial intelligence (AI)-equipped financial well-being platform. Through the integration, the solution will provide real-time merchant data, spread across diverse categories for both customers and banks.

Customers will get more understanding of their transactional details, and banks will be able to save time because they’ll have less need to verify statements due to less inquiries from customers, per the release.

Spire is reportedly focused on helping out with managing consumer finances, and working on decision making through a suite of insights and services for retail banking customers.

The companies said the integration will also help bring more people and businesses into the new digital economy, along with expanding Mastercard’s presence in the open banking world. Mastercard purports that open banking offers “a varied set of choices, enhanced services and seamless outcomes.”

Mastercard will also be expanding its travel and lifestyle platform, including services that include a partnership with WhatsApp, PYMNTS wrote. The services also include COVID alerts and access to airport lounges during flight delays.

See also: Mastercard Teams With WhatsApp on Expanded Travel Services

Mastercard Travel & Lifestyle Services is a travel planning and booking platform that provides the company’s World and World Elite cardholders with some exclusive guarantees, upgrades and various services not usually offered, like concierge services and new entertainment from travel brands.

The expanded version will come with WhatsApp servicing and allow members to talk with lifestyle managers about travel plans and other things using their phones.

“Many of us eagerly await the chance to satisfy our love for travel, but it can be stressful to plan a trip with so many uncertainties about what traveling will look like,” Stephanie Meltzer-Paul, executive vice president, global loyalty, said in a company announcement.