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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190514005530/en/