Mastercard unveiled Open Banking for Account Opening program, marking a significant leap forward in the digital banking sector. This initiative is set to redefine the experience of opening digital accounts for U.S. consumers and small businesses, particularly for those involved with debit and prepaid products. By incorporating a suite of open banking products as a core benefit, Mastercard aims to address common challenges in the digital account opening process, including verification hurdles, high abandonment rates, non-sufficient fund (NSF) returns, and the tedious manual entry of payment details.
