Payment technology firm Mastercard has introduced a new application programming interface (API) based digital platform for banks and merchants to enhance their digital capabilities.
Image: Mastercard introduces new API-based digital platform for banks and merchants. Photo: courtesy of MasterCard.
The new Mastercard Innovation Engine is a plug-and-play platform that combines Mastercard assets and financial-technology services to deliver digitally integrated solutions and consumer experiences via single connection.
The first solution built is said to leverage the Mastercard Innovation Engine to focus on contextually-relevant and personalized digital engagement and servicing.
Developed in collaboration with Flybits and Kasisto, the Mastercard Contextual Engagement Solution serves as digital channel for the US issuers and merchants to understand, interact and maximize their card benefits and rewards with the consumers.
To leverage a variety of Mastercard solutions and services, the solution is incorporated with real-time triggering and end-to-end digital servicing capabilities.
The data contextualization capabilities of Flybits and the conversational capabilities of Kasisto will help deliver personalized offerings and experiences to the right customer at the right time, allowing issuers and merchants to decrease costs.
Over the coming months, Mastercard is set to launch additional solutions, which will be provided via Mastercard Innovation Engine, helping bank and merchant partners to offer better digital experiences to consumers.
A single connection to the Innovation Engine will allow issuers to leverage new capabilities and solutions available in the platform.
The issuer and merchant clients in the US can now access the Mastercard Innovation Engine and Contextual Engagement Solution, said the payment technology firm.
Mastercard is also allowing issuers and merchants to continuously optimize and transform their consumer value propositions through pre-integrated digital partnerships and experiences.
Mastercard core products executive vice president Amnah Ajmal said: “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.”