The British fintech company Cardstream has announced the start of cooperation with Mastercard.
As part of the implementation of the mentioned partnership, the United Kingdom-based fintech brand intends to improve its white-label Payment Facilitation-as-a-Service (PFaaS) platform. Also, in the process of cooperation with the giant of the payment industry, Cardstream will provide its customers with the opportunity to offer open bank payments. In this case, it means providing access to the process of making the mentioned transactions to retailers and merchants throughout the United Kingdom.
The innovation, as noted in a press release published by the British fintech player, means that acquirers, payment facilitators, and payment channels will be able to offer their customers the option to accept open banking payments along with other forms of transaction data, including debit and credit cards. It is worth clarifying separately that this feature will be available to users of functional solutions from Cardstream.
The new offer from the mentioned company means for businesses and consumers in the United Kingdom an expansion of what corresponds to such a somewhat conventional concept as payment choice. In this case, support for single immediate payments is provided. Moreover, Cardstream, as mentioned in the press release, offers preparation for commercial variable recurring payment transactions. In this case, a new payment method is meant, which is a functional solution in which users can pay recurring bills directly from their bank accounts. In a press release from Cardstream, it was noted that the mentioned method is expected to be distributed throughout Europe by the end of 2025. This forecast also applies to the United Kingdom. The new payment method offers users an obvious advantage in the form of the convenience of performing financial actions without the need for switching between different functional systems, which is why its prospects are positive. This solution can quickly become popular. The implementation of a positive forecast will mean a new source of growth for Cardstream.
Also, in a press release from the British fintech player, it was stated that the platform, based on Mastercard’s secure Open Banking technology, ensures uninterrupted connection to the financial institution. This platform also guarantees the convenience of making transactions for consumers. PFaaS and gateway technology from Cardstream in the practical plane have proven their significant performance, demonstrating a high level of efficiency in solving tasks such as processing, collection, and disbursement of open bank transactions to merchants.
Valerie Nowak, executive vice president, head of open Banking, APEMEA at Mastercard, stated that the open banking market in Europe is set for significant growth. It was noted that the company strives to develop an innovative, secure, and affordable ecosystem of payment transactions. Valerie Nowak also stated that Mastercard, by scaling the opportunities offered to consumers by Cardstream, can support acquirers and issuing clients through a comprehensive open banking solution. Moreover, it was noted that within the framework of this activity, the possibility of choosing payments for customers of the British fintech player is expanding.
Adam Sharpe, chief executive officer of Cardstream, stated that there is currently a high level of consumer demand for open bank payments. According to him, the consumer audience sees transactions in this category as a safe and convenient way to make financial payment transactions when using cards. He also stated that Cardstream has been cooperating with Mastercard for a long time. According to him, the practice of this cooperation concerns network tokenization and Click to Pay. He also stated that the British fintech player is excited to offer users a turnkey solution that will allow payment providers to launch branded Open Banking Merchant Services. The special feature of this solution is that the mentioned launch can be carried out as quickly as possible.
Cardstream is a global leader in the payment services sector. The company combines verification, connection to payments, transaction orchestration, acquiring, and PFaaS within a single onboarding platform. Cardstream was able to form a network that covers more than 120 countries. The company supports more than 400 acquirers, payment methods, and functional solutions focused on combating fraud. Currently, the number of employees of the firm is 80. Having decades of experience in the fintech industry, the company is actively developing embedded credit solutions, the use of which allows businesses to receive financing quickly and conveniently.
