Mastercard Enables Banks & Merchants to Rapidly Innovate with New Digital Platform That Integrates Leading Fintech Solutions ...
May 14 2019 - 9:00AM
Business Wire
The Mastercard Innovation Engine™ serves as
a hub for the enablement of varying digital solutions, the first of
which provides highly personalized and contextually relevant
cardholder experiences
Today, Mastercard introduced the Mastercard Innovation Engine,
an API based digital platform that enables issuers and merchants a
simplified path to rapidly deploying digital capabilities and
experiences to their customers. The plug-and-play platform
seamlessly brings together Mastercard assets and
financial-technology services to deliver unique and digitally
integrated solutions and consumer experiences through a single
connection. The platform facilitates collaboration and drive
continuous innovation across the ecosystem.
“Consumer expectations are changing rapidly and as a result we
must keep pace. Given where Mastercard sits at the epicenter of
payments, we recognize that we can serve as a hub for scaled
innovation delivered through our issuing partners. By enabling our
customers a means to significantly faster speed to market,
together, we can drive the digital transformation of the consumer
experience,” says Amnah Ajmal, Executive Vice President, Core
Products, Mastercard.
The first solution built leveraging the Mastercard Innovation
Engine focuses on contextually-relevant and personalized digital
engagement and servicing. Created in collaboration with Flybits and
Kasisto, the Mastercard Contextual Engagement Solution provides
U.S. issuers and merchants a seamless digital channel for consumers
to understand, interact and maximize their card benefits and
rewards.
The solution is powered with near real-time triggering
capabilities and end-to-end digital servicing and leverages a
variety of Mastercard solutions and services. The data
contextualization capabilities of Flybits, and the conversational
capabilities of Kasisto enable personalized offerings and
experiences to be delivered to the right customer at the right
time, providing value to today’s digitally-savvy consumer while
also helping issuers and merchants reduce costs.
“We are very pleased to be a key enabler of the Mastercard
Contextual Engagement Solution, enabling Mastercard issuers and
merchants to engage cardholders at the right time with highly
personalized and relevant offers, services, and content,” said Dr.
Hossein Rahnama, Founder and CEO of Flybits. “For example,
delivering a movie related benefit reminder ahead of a popular film
release to a cardholder who frequents the movies.”
“Conversational AI is changing the way customers and companies
communicate and interact. We are thrilled to be part of the
Mastercard Contextual Engagement Solution to deliver intelligent
virtual assistants to better engage and enhance the cardholder
experience,” says Zor Gorelov, CEO, Kasisto. “Kasisto’s
differentiated digital conversation platform helps banks and
merchants personalize how consumers explore and understand the
rewards and benefits tied to their card.”
In the coming months, Mastercard will introduce additional
solutions offered through the Mastercard Innovation Engine that
will focus on further enabling bank and merchant partners to
rapidly deliver best-in-class digital experiences to consumers. For
issuers, a single connection to the Innovation Engine provides them
continuous access to innovate and easily leverage new capabilities
and solutions coming out of the platform.
Mastercard handles end-to-end sourcing and business operations
with third parties and solution delivery for each solution
developed by the Mastercard Innovation Engine, increasing speed to
market. The Mastercard Innovation Engine and Contextual Engagement
Solution are available now to issuer and merchant clients in the
United States. The platform will be rolled out in other markets
across the globe beginning later this year.
The introduction of the Mastercard Innovation Engine follows the
recent announcement of World and World Elite Mastercard product
enhancements and is yet another example of how Mastercard is
enabling issuers and merchants to continuously enhance and
transform their consumer value propositions through pre-integrated
digital partnerships and experiences.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects 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: https://www.businesswire.com/news/home/20190514005530/en/
Mastercard Communications Contact:Sarah
Elysarah.ely@mastercard.com914.249.6714
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