Mastercard (NYSE: MA) announced on Tuesday the launch of the Mastercard Innovation Engine, which is described as an API based digital platform that enables issuers and merchants a simplified path to rapidly deploying digital capabilities and experiences to their customers.
According to Mastercard, the plug-and-play platform brings together Mastercard assets and financial-technology services to deliver unique and digitally integrated solutions and consumer experiences through a single connection. The platform also facilitates collaboration and drive continuous innovation across the ecosystem. While sharing more details, Amnah Ajmal, Executive Vice President, Core Products, Mastercard, stated:
“Consumer expectations are changing rapidly and as a result we must keep pace. Given where Mastercard sits at the epicenter of payments, we recognize that we can serve as a hub for scaled innovation delivered through our issuing partners. By enabling our customers a means to significantly faster speed to market, together, we can drive the digital transformation of the consumer experience.”
Mastercard then noted that the solution is powered with near real-time triggering capabilities and end-to-end digital servicing and uses a variety of Mastercard solutions and services.
“The data contextualization capabilities of Flybits, and the conversational capabilities of Kasisto enable personalized offerings and experiences to be delivered to the right customer at the right time, providing value to today’s digitally-savvy consumer while also helping issuers and merchants reduce costs.”
Mastercard added the introduction of the Mastercard Innovation Engine follows the recent announcement of World and World Elite Mastercard product enhancements.