Digital banking fintech Amount is now offering financial services solutions through the Mastercard Engage global partner network as the credit card giant enters the open banking space.

Through an extended partnership that started nearly a year ago between the fintech and Mastercard Installments, a buy-now-pay-later consumer program, Amount is now supporting Mastercard customers by building and deploying lending, payments and financial management solutions for open banking, according to an Amount release.

“We are the exclusive partner for Mastercard, if one of their issuing partners would need help from a technology perspective in the account opening space,” Craig Rismiller, senior vice president of business development and strategic partnerships at Amount, told Bank Automation News, noting, “This was just a natural extension on the open banking side.”

With the addition of Amount to Mastercard Engage, the network will have access to automated processes, increased operational efficiencies and more accessibility to Mastercard’s open banking capabilities, which the card provider launched in July.

Minimizing risk, streamlining data access

For example, Amount streamlines application processes by automatically pulling in bank information from authenticated clients, which minimizes risk for the client, bank and Mastercard, Rismiller said.

Additionally, the fintech can access transaction data from a customer’s primary checking or savings account, which can be used as part of the underwriting or verification process, Rismiller said, noting that pulling transaction data in real time allows banks to forgo requesting pay stubs or bank statements, saving time and improving efficiency.

“We can skip that [additional verification] step potentially because we have the same data, but we’re doing it in an automated way, versus relying on a back-office function,” he added.

Looking ahead, further enhancements are expected to be announced for the fintech and card provider’s joint clients, Rismiller said. “The whole point here is to have that symbiotic relationship,” he added.

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