UK retail bank Secure Trust Bank has teamed with Mastercard to offer customers more choice and convenience through open banking to repay retail finance.
According to Mastercard, with explicit consent from Secure Trust Bank customers, Mastercard open banking technology enables seamless and fast account-to-account payments.
This gives customers a new and convenient way to make payments on retail finance loans with Secure Trust Bank Easy Bank Transfer payment option.
Solihull-based Secure Trust Bank currently provides savings accounts and lending services to over 1 million customers.
Mastercard SVP, open banking, Jim Wadsworth, said, ?At Mastercard, were passionate about building technology advancements that enable greater choice and convenience in how consumers pay, access, and manage their finances with open banking. This partnership provides customers with the choice to pay back their retail finance directly from any of their chosen bank accounts safely, quickly, and with the least amount of friction.p>
Secure Trust Bank head of payments and cards Chris Higham added, ?Our vision is to become the UK most trusted specialist lender and partnering with a trusted name like Mastercard helps us to innovate safely for our customers.
“And it was important for us to choose a partner who had already implemented open banking in the UK with successful financial services use cases.
?With Mastercard open banking platform, were now able to offer our customers more choice when making retail finance repayments. Before, customers wanting to send a payment to their account had to log into their online bank and set up a new payee before they could make a payment, noting the reference number and manually typing it in – which was a slow process for them and resulted in some reconciliation errors for us.p>
?This is just the start of our journey with open banking, and were aiming to expand our partnership with Mastercard across new areas of the business in the near future.p>
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