Interchecks and Mastercard have formed a collaboration to advance account-to-account (A2A) payments, combining the former’s Pay by Bank solution with the Open Finance capabilities of Mastercard.
The partnership will see Interchecks utilise Mastercard’s Open Finance verification and network reach to increase the Pay by Bank accessibility in new markets and for various use cases.
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It is said to target key payment challenges such as decreasing failed subscription transactions, offering quicker and more adaptable account funding, and enhancing recurring bill payment experiences for businesses as well as consumers.
The companies noted that they are working to broaden access to A2A payments in sectors including subscription services, brokerage funding, and insurance, where efficiency, speed, and customer choice are important.
Pay by Bank enables subscription businesses to improve the checkout process by using current bank authentication protocols of consumers to collect the required information for recurring payments.
Bank-authenticated data insights help protect both merchants and consumers by supporting timely payments and decreasing the risk of transaction fees due to inadequate balances.
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By GlobalDataInterchecks CEO and co-founder Dylan Massey said: “At Interchecks, our focus has always been on building payment solutions that are fast, secure, and tailored to the real needs of businesses and their customers.
“Partnering with Mastercard Open Finance represents another step forward in that mission — aligning with a trusted network to make paying directly from a bank account even simpler and more secure.”
Recently, Mastercard and TerraPay announced a collaboration to extend digital payment capabilities for wallet providers and their users globally.
Earlier in the month, Tencent’s cross-border payment platform TenPay Global and Mastercard Move, the money movement arm of Mastercard, entered a partnership aimed at enabling transparent and quick digital remittances to Weixin Pay, the mobile payment platform within China’s Weixin ecosystem.
