Banking Fintech News

Mode to Launch Open Banking platform in Q2

Mode to Launch Open Banking platform in Q2

 

Mode

Mode Global Holdings PLC, the LSE-listed Fintech Group, announces that it is set to launch its novel payments and loyalty solution powered by Open Banking in Q2 2021, providing merchants with an alternative to rising card interchange fees and boosting loyalty amongst consumers.

Read More: GlobalFintechSeries Interview with Giorgio Andrews, Chief Executive Officer at Royale Finance

Since Mastercard announced its plan to increase card payment fees, Mode has announced it will counter this through its new Open Banking powered payments and loyalty feature, that will provide merchants with a more affordable, safer and smarter way to accept instant payments. The solution will be initially available in the UK, but Mode is considering an expansion into Europe in due course.

With Mode’s new feature, customers will be able to seamlessly manage their traditional money and digital assets such as Bitcoin, make instant payments, earn rewards in Bitcoin and receive personalised offers from merchants, all in one app. The solution removes the need for customers to enter their card details or CVVs at checkout – with a simple scan of a QR code or just a click of a button, the payment will be processed via the Mode app. Payments will be authorised in real time through biometric security and Strong Customer Authentication (SCA).

Later this year, Mode will also launch a “fast payments” solution enabling customers who don’t have the Mode app to also make purchases easily from e-commerce merchants accepting Mode. This will allow even more consumers to leverage the transformative benefits of Open Banking and access direct and seamless transactions.

Read More: China UnionPay Awards Second LOA To Biometric Payment Card Featuring IDEX Biometrics’ Fingerprint Sensor & Biometric Technology

Mode’s aim is to simplify and reduce inefficiencies in the existing payments ecosystem, where intermediaries take a cut from each transaction. Mode’s solution will connect customers directly to merchants, creating a much more personalised relationship, and providing merchants with the necessary insights to offer tailored rewards and drive loyalty. Merchants will be able to leverage Mode’s Bitcoin Rewards solution to incentivise customers with one of the world’s most sought-after assets when they transact.

Rita Liu, Chief Commercial Officer at Mode, said: “Today’s announcement is an exciting step in our mission to disrupt the payments and loyalty landscape, and turn the Mode app into a financial super app – one that allows the digital native, modern consumer of today to grow their wealth and spend smarter with merchants. The customer and merchant relationship is highly fragmented, resulting in inefficiencies and additional costs; our Open Banking powered payment solution, and the ecosystem within which it will exist, is genuinely disruptive. We’ve had a fantastic response so far from both customers and merchants on this new proposition, and look forward to building our solution to meet this demand. We will be announcing the names of our launch partners in due course.”

Read More: Splitit Appoints Dawn Robertson As Board Chair

Related posts

Frontline Managed Services Elevates Financial and eBilling Services With Acquisition of InvoicePrep

Fintech News Desk

Access Softek Launches 24/7 Service to Enhance Call Center Support

Fintech News Desk

Cloud9 and GreenKey Partner to Enable Next-Gen Voice Trading

Fintech News Desk
1