Mastercard has rolled out a new API-based digital platform dubbed ‘Mastercard Innovation Engine’ in the US.

The financial giant said the engine provides issuers and merchants a “simplified path to rapidly deploying digital capabilities and experiences to their customers.”

Developed as a plug-and-play platform, Mastercard Innovation Engine brings together the company’s assets and financial-technology services into one single connection whilst still facilitating collaboration and innovation across the fintech ecosystem.

Amnah Ajmal, executive vice president, core products, Mastercard explained: “Consumer expectations are changing rapidly and as a result we must keep pace. Given where Mastercard sits at the epicenter of payments, we recognise 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.”

Following the initiation of the engine, Mastercard also unveiled its first solution built specifically leveraging the platform named ‘Mastercard Contextual Engagement Solution.’

Created in collaboration with Flybits and Kasisto, the solution focuses on contextually-relevant and personalised digital engagement/servicing.

“We are very pleased to be a key enabler of the Mastercard Contextual Engagement Solution, enabling Mastercard issuers and merchants to engage cardholders at the right time with highly personalised and relevant offers, services, and content,” said Dr. Hossein Rahnama, founder and CEO of Flybits.

Mastercard predict this will provide US issuers and merchants a digital channel that consumers can understand, interact and maximise their card benefits and rewards.

“Conversational AI is changing the way customers and companies communicate and interact. We are thrilled to be part of the Mastercard Contextual Engagement Solution to deliver intelligent virtual assistants to better engage and enhance the cardholder experience,” commented Zor Gorelov, CEO, Kasisto.

Mastercard said in the coming months it plans to introduce additional solutions through the engine and will focus on further enabling bank and merchant partners to “rapidly deliver best-in-class digital experiences to consumers.”