Key Points
- Mastercard and The Clearing House Partnership:
- Mastercard and The Clearing House are extending their partnership to enhance real-time payment solutions, focusing on account-to-account technologies.
- Biometric Authentication by Mastercard:
- Mastercard introduces Biometric Authentication Service leveraging fingerprints, iris scans, and facial recognition to enhance security and convenience, aiming to replace traditional authentication methods and streamlining the login process for users.
In the ever-evolving landscape of financial technology, Mastercard is making headlines with two significant initiatives that promise to reshape the way we handle payments and security.
These endeavors reflect Mastercard’s commitment to staying at the forefront of financial innovation, meeting the evolving needs and expectations of businesses and consumers alike.
Mastercard & The Clearing House Turbocharge Payments for a Real-Time World!
Mastercard has announced an extension of its partnership with The Clearing House to further develop real-time payment solutions. This collaboration began in 2017 when they introduced the RTP Network, a groundbreaking payments rail created by Mastercard.
Now, they are working together to enhance real-time account-to-account technologies for data transmission within the United States and globally. This expansion comes at a crucial time, as there is immense potential for growth in the real-time payments sector, particularly in B2B transactions.
According to PYMNTS Intelligence, many businesses still use traditional methods for payments, and real-time B2B payments offer advantages such as speed, efficiency, lower costs, improved cash flow, reduced fraud risk, transparency, and access to global markets.
Mastercard President of North America, Linda Kirkpatrick, emphasized the importance of technology in providing consumers and businesses with more payment choices. This partnership aims to enable modern and ubiquitous real-time payment rails for bank-owned payments.
As the demand for immediacy and efficiency in payments continues to rise, this extended partnership between Mastercard and The Clearing House seeks to meet these evolving needs and opportunities in the payments landscape.
Mastercard’s Biometric Revolution: Bye-Bye Passwords, Hello Security!
Mastercard has launched the Mastercard Biometric Authentication Service, a solution aimed at enhancing security and convenience for consumers. The service leverages biometrics, such as fingerprints, iris scans, and facial recognition, to verify identity and secure personal data, the company said in a press release.
“We are working with our partners around the globe to replace passwords once and for all by accelerating the transition to more seamless and secure authentication, including biometrics,”
Dennis Gamiello, an executive vice president who leads Identity Products and Innovation at Mastercard, said in the release.
By adopting the latest Fast Identity Online (FIDO) standards, the service creates an encrypted key pair stored on personal devices, ensuring that only the user’s unique biometrics can unlock this passkey, according to the release.
With the Mastercard Biometric Authentication Service, customers can have a frictionless experience while logging into apps or making online purchases, the release said.
The service eliminates the need for multiple passwords or authentication codes, allowing users to authenticate themselves using their preferred biometric.
This streamlined process not only enhances security but also reduces operational costs for merchants and financial institutions.
Mastercard’s biometric authentication service aims to replace traditional authentication methods, eliminating the need for passwords, knowledge questions, or one-time codes, per the release.
By leveraging biometrics and FIDO standards, the service provides a more secure and user-friendly alternative.
In addition to enhancing security, the Mastercard Biometric Authentication Service can be used with tokenization to protect payment credentials, according to the release.
Tokenization ensures that payment information cannot be copied or reused, adding another layer of security to online purchases.
Productive Place 
Leave a comment