Mastercard has turned to UK-based payment processing platform Paymentology for its Fintech Express and Engage programmes.
Mastercard and Paymentology will develop new solutions in the field of banking technology globally, with special focus in Europe.
Paymentology can now offer digital wallets, commercial payments and speed-to-market solutions to its clients, powered by Mastercard.
The Fintech Express and Engage programmes will allow Paymentology to tap Mastercard’s network in order to scale its businesses.
Moreover, Paymentology will use its open API, multi-currency wallet, to provide banks with control over their cardholders spend-cycle.
It will allow the banks to offer buy-now-pay-later (BNPL) and instalment services, as well as insurance, to their cardholders.
Paymentology is the issuer processor for digital banks like Revolut and Standard Chartered’s Mox Bank.
Paymentology founder and CEO Shane O’Hara said: “We are thrilled to be joining Mastercard’s fintech programmes, enabling Paymentology to further develop leading edge processing which connects banks into the Mastercard network in real time whilst removing the processing pressure from the bank.
“Together, Mastercard and Paymentology are bringing the bank closer to its customer. Our flexible product configuration and customisation give control to the bank to deliver new products, at point of spend.”
The Mastercard Fintech Express and the Engage programmes are part of Mastercard Accelerate fintech platform for startups.
Its other programmes include Mastercard Start Path and Mastercard Developers.
Mastercard Europe EVP of market development Jason Lane said: “As the partner of choice for leading fintechs across Europe, our focus is to propel our fintech partners towards greater success and help them scale at speed.
“Paymentology is an invaluable player in the fintech space and look forward to working together to enhance the payment experience of the people that we serve.”