Credit-card-as-a-service company Brim Financial has partnered with Mastercard to modernise credit card infrastructure in the US and embed Mastercard’s Open Banking capabilities across its platform.
According to Brim, by introducing a more modern credit card platform, it will enable US financial institutions, fintechs, regional and community banks, and large brands to offer their customers a smoother payment experience.
Rasha Katabi, founder and chief executive officer of Brim Financial, called the partnership with Mastercard “transformational” for those companies “seeking a sophisticated, modern credit card platform”.
Katabi added: “There is significant momentum happening now in the US market when it comes to innovating credit card infrastructure across consumer, small- and medium-sized business and commercial segments.”
As part of the collaboration, Brim will embed Mastercard’s Open Banking capabilities into its modular platform, which supports institutions to run and develop their product platforms.
The inclusion of Open Banking technology will add to Brim’s suite of embedded payments capabilities, which are designed to provide turnkey solutions to companies looking to launch commercial and consumer credit cards.
“In partnership with Brim, we’re able to help our customers and partners remain competitive, with innovative payment solutions that create seamless, secure experiences,” said Hunter Woolley, executive vice president, North America business development at Mastercard.
In October, JP Morgan Payments’ Pay by Bank solution, which uses Mastercard’s Open Banking technology, went live in the US, where it was set to be piloted by Verizon.
The first development stage of the Pay by Bank partnership between JP Morgan Payments and Mastercard began in November 2022.