Mastercard Opens-Up Access to Blockchain API for Partner Banks and Merchants
October 20 2017 - 9:00AM
Business Wire
Provides connections into other Mastercard APIs
to create new digital commerce experiences; API to be featured at
Money 20/20 Hackathon
Today Mastercard announced that it will be opening up access to
its blockchain technology via its API published on Mastercard
Developers. Mastercard’s blockchain solution provides a new way for
consumers, businesses and banks to transact and is key to the
company’s strategy to provide payment solutions that meet every
need of financial institutions and their end-customers. The
Mastercard blockchain API will be part of the Money 20/20 hackathon
in Las Vegas next week.
The company has tested and validated its blockchain and will
initially implement the technology in the business-to-business
(B2B) space to address challenges of speed, transparency and costs
in cross-border payments. The Mastercard blockchain technology will
complement the company’s existing capabilities including virtual
cards, Mastercard Send and Vocalink to support all types of
cross-border, B2B payment flows – account-based, blockchain-based
and card-based.
There are four key differentiators of the Mastercard blockchain
– privacy, flexibility, scalability, and most importantly, the
reach of the company’s settlement network.
- Privacy – Mastercard blockchain
provides privacy by ensuring that transaction details are shared
only amongst the participants of a transaction while maintaining a
fully auditable and valid ledger of transactions.
- Flexibility – Partners can use the
blockchain APIs in conjunction with a wider suite of Mastercard
APIs to create a range of powerful, new applications. Software
development kits are available in six different languages to make
the APIs even easier to integrate.
- Scalability – Mastercard blockchain is
designed for commercial processing speed and extensibility by
reaching consensus between a trusted network moderator and network
participants.
- Reach – Mastercard blockchain is
integrated into the company’s payment network that includes 22,000
financial institutions to move funds that have been committed on
the blockchain.
“By combining Mastercard blockchain technology with our
settlement network and associated network rules, we have created a
solution that is safe, secure, auditable and easy to scale,” said
Ken Moore, executive vice president, Mastercard Labs. “When it
comes to payments, we want to provide choice and flexibility to our
partners where they are able to seamlessly use both our existing
and new payment rails based on the needs and requirements of their
customers.”
Mastercard blockchain solution has the ability to power secure
and seamless non-card payment transactions such as
business-to-business payments and trade finance transactions. It
also has the ability to power non- payment solutions such as proof
of provenance that helps authenticate products across the supply
chain.
With this proprietary solution, Mastercard hopes to create new
benefits for its partners and make the commerce ecosystem easier,
faster and safer. In addition to building a new solution, the
company has also filed for over 35 patents in blockchain and
invested in Digital Currency Group, a collaborator that builds,
incubates and seeds Bitcoin and blockchain technology-related
companies. It recently joined the Enterprise Ethereum Alliance to
explore the possibilities of the Ethereum technology across a wide
range of potential use cases, many of them well outside the scope
of Mastercard’s traditional payments environment. In addition,
Mastercard is also working on new use cases with startups that are
a part of its Start Path Global program.
About Mastercard
Mastercard (NYSE:MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
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version on businesswire.com: http://www.businesswire.com/news/home/20171020005062/en/
Mastercard CommunicationsChaiti Sen,
914-263-6542chaiti.sen@mastercard.com
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