Fintech startup Token.io has entered into a partnership with global payment provider Mastercard to build the connectivity layer of an "open banking hub," the official press release states.
Along with Mastercard, Token.io plans to help Financial Institutions ensure that third-party providers (TPPs) seeking access to a customer’s account are legitimate and hold the appropriate regulatory status.
Senior Vice President of Mastercard’s Open Banking offering, Jim Wadsworth, claims that open banking "has the potential to revolutionise how we all interact with financial services."
Earlier, Mastercard registered a new patent claiming that the company developed a new way of keeping cryptocurrency transactions private.
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