Fintech Automation (FTA) announces it has been “selected as one of the technology partners for open banking within Mastercard’s Engage partner network.”
The Engage program has “developed a network to provide businesses easy access to technology partners that can quickly build and deploy open banking solutions for payments and lending decisioning at scale.”
With the rapid adoption of Open Banking (i.e., consumer-permissioned data access) and digital tools across financial services experiences, FTA has been “selected by Mastercard as one of the premier technology partners to spur innovation through access to its open banking platform, from lending to payments to financial management.”
David Park, CEO at Fintech Automation, said:
“As we move from the information to the digital age, how we move information is as important as the data itself. Mastercard and FinTech Automation are key to that movement.”
FTA allows firms to “build a fully digital financial hub with little to no code and, through open banking, allows businesses to establish direct consumer-permissioned connections with their customers’ bank accounts.”
Through these consumer-permissioned connections, businesses can “verify accounts for payments and payouts, check balances to reduce payment failures and cut fraud by confirming bank account ownership.” This has vastly “improved the payment experience for both the businesses and their customers.”
Andy Sheehan, EVP, U.S. open banking at Mastercard, remarked:
“Mastercard is excited to be partnering with FinTech Automation on deployment of open banking solutions that are designed with security at the center and will help to meet consumers’ financial needs and enable choice. Together, we can enable innovation that will increase financial inclusion and expand access to digital services across the globe.”
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.”
Fintech Automation is “a Dallas, TX-based financial technology company dedicated to building a fully digital financial experience with little to no code.”
The FTA UniFi Platform is “the foundational component – or building blocks – to help our clients drive innovation and business growth without worrying about the technology that supports it.”
The UniFi platform “offers banking, payments, compliance, and wealth management Software as-a-Service applications, which are integrated with over 40 partners to offer analytics, databases, open banking, tools for application development, artificial intelligence, machine learning, and robotic process automation.”