Mastercard recently partnered with Spire, which provides open banking services to the Gulf Cooperation Council, to help improve digital banking services for the region, according to a Wednesday, June 22. Press release.
This will integrate Mastercard’s Merchant Identifier solution with Spire’s ‘Ingage’, a financial wellness platform equipped with artificial intelligence (AI). Through the integration, the solution will provide real-time merchant data, broken down into various categories for customers and banks.
Customers will better understand their transactional details, and banks will be able to save time as they will have less need to verify statements due to fewer customer inquiries, according to the release.
Spire would focus on helping consumers manage finances and make decisions through a suite of information and services for retail banking customers.
The companies said the integration will also help attract more people and businesses to the new digital economy, while expanding Mastercard’s presence in the world of open banking. Mastercard claims that open banking offers “a diverse set of choices, enhanced services and consistent results.”
Mastercard will also expand its travel and lifestyle platform, including services that include a partnership with WhatsApp, PYMNTS wrote. Services also include COVID alerts and access to airport lounges during flight delays.
See also: Mastercard partners with WhatsApp for expanded travel services
Mastercard Travel & Lifestyle Services is a travel planning and booking platform that provides the Company’s World and World Elite cardholders with exclusive guarantees, upgrades and various services not usually offered, such as concierge services and new entertainment from travel brands.
The extended version will come with WhatsApp service and allow members to talk with lifestyle managers about travel plans and other things using their phones.
“Many of us look forward to the chance to satisfy our love for travel, but it can be stressful to plan a trip with so much uncertainty about what the trip will be like,” said Stephanie Meltzer-Paul, vice -Executive President, Global Loyalty, in a company announcement.