Interchecks, Mastercard to progress account-to-account payments

Core Insights - Interchecks and Mastercard have formed a collaboration to enhance account-to-account (A2A) payments by integrating Interchecks' Pay by Bank solution with Mastercard's Open Finance capabilities [1][4] Group 1: Partnership Details - The partnership aims to leverage Mastercard's Open Finance verification and network to expand the accessibility of Pay by Bank in new markets and various use cases [1] - The collaboration targets key payment challenges such as reducing failed subscription transactions, providing faster and more flexible account funding, and improving recurring bill payment experiences for both businesses and consumers [2] Group 2: Pay by Bank Solution - Pay by Bank allows subscription businesses to streamline the checkout process by utilizing current bank authentication protocols to gather necessary information for recurring payments [3] - The use of bank-authenticated data insights helps protect merchants and consumers by ensuring timely payments and minimizing the risk of transaction fees due to insufficient balances [3] Group 3: Executive Insights - Interchecks CEO Dylan Massey emphasized the company's commitment to developing fast, secure payment solutions tailored to the needs of businesses and customers, highlighting the partnership with Mastercard as a significant step in simplifying and securing direct bank account payments [4] Group 4: Related Collaborations - Recently, Mastercard and TerraPay announced a partnership to enhance digital payment capabilities for wallet providers globally [4] - Additionally, Tencent's TenPay Global and Mastercard Move have partnered to facilitate transparent and quick digital remittances to Weixin Pay within China's Weixin ecosystem [5]