The collaboration brings together Mastercard’s Open Finance capabilities and Interchecks’ Pay by Bank solution, the companies said in a Wednesday (Dec. 17) press release.
As part of this partnership, Interchecks will leverage Mastercard’s Open Finance verification tools and network access, according to the release.
Interchecks, whose roots lie in gaming, aims to expand its Pay by Bank solution to additional industries, the release said.
Mastercard works with partners such as Interchecks to meet consumers’ demands for additional ways to pay, per the release.
Together, the companies aim to expand the accessibility of A2A payments across new markets and use cases, including subscription businesses, banks, neobanks, FinTechs, telecoms and utilities, according to the release.
The benefits of A2A payments include reduced churn from failed subscription payments, faster and more flexible account funding options, and an improved recurring bill pay experience, per the release.
“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,” Dylan Massey, co-founder and CEO of Interchecks, said in the release. “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.”
The PYMNTS Intelligence and Trustly collaboration “What Consumers Need for Pay by Bank to Catch On” found that pay by bank’s best chance for traction may lie in sectors where consumers already link accounts directly, such as betting, ridesharing or investment transfers.
The report also found that young consumers, particularly Generation Z and millennials, show the highest willingness to experiment with pay by bank. More than 40% of those in each group express interest in using the method for moving money between bank and brokerage accounts.
In another recently announced partnership, Mastercard and specialty payments orchestration platform Paytently formed an open banking partnership. Together, the companies created Paytently Open Banking, an A2A payment option powered by Mastercard Open Finance that enables customers to pay directly from their bank.