Card network giant Mastercard is looking to enhance its account-to-account payments (A2A) for merchants by developing its open banking infrastructure.
Powered by Finicity, Mastercard looks to use its data analytics for Payment Success Indicator and Payment Routing Optimiser to provide a ‘safer and smarter’ payment ecosystem.
The Payment Success Indicator allows merchants, banks and payment service providers alike to access a consumer’s balance and behavioural patterns of each transaction. This provides the payment originator a greater insight into its consumers’ needs.
Once transacted, the Payment Success Indicator will provide a balance of the transaction on the day but may not be in the following days. Adding on, the Payment Routing Optimiser then proceeds to gather a score for the payment, outlining cost, speed and risk within its report.
Built Rewards Alliance, a US home rental business, is one of the first companies to sign up to use Mastercards Payment Success Indicator.
Ankur Jain, CEO of Bilt Rewards, stated: “Payment Success Indicator should significantly reduce the potential for returned payments, delivering a digital payment experience that works harder and smarter for everyone.”
