Cardstream, a UK-based FinTech providing white-label payment solutions, has partnered with Mastercard, a global payments technology giant, to enhance Cardstream’s Payment Facilitation-as-a-Service (PFaaS) platform.
The collaboration will enable businesses across the UK to offer open banking payments to merchants and retailers, according to FF News.
The partnership is aimed at expanding payment options for merchants and their customers. With the integration of Mastercard’s Open Banking technology, Cardstream’s clients—acquirers, payment facilitators, and payment channels—can now include open banking as a payment method alongside traditional card payments.
This move supports growing demand for secure, bank-based digital payment alternatives.
Cardstream’s PFaaS platform provides white-label services that enable partners to operate under their own brand while leveraging Cardstream’s robust infrastructure.
Its gateway technology processes, collects, and disburses transactions efficiently for a range of payment methods. Mastercard’s role in the partnership brings secure Open Banking connectivity, allowing seamless and scalable access to UK banks and a user-friendly consumer experience.
The new solution facilitates single immediate payments (SIPs) and lays the groundwork for commercial variable recurring payments, a next-generation method enabling direct-from-bank recurring bill payments.
These recurring payment solutions are expected to roll out across Europe, including the UK, by late 2025.
The two companies have a history of collaboration, previously working together on innovations such as network tokenisation and Click to Pay. This latest initiative continues that momentum, with Mastercard’s open banking capabilities further strengthening Cardstream’s offering to its partners.
Cardstream CEO Adam Sharpe said, “There’s strong demand for open banking payments as a secure and convenient way to pay alongside cards. We’ve long collaborated with Mastercard on innovations like network tokenization and Click to Pay, and we’re excited to offer a turnkey solution that lets payment providers launch branded Open Banking Merchant Services quickly.”
Mastercard executive vice president, head of open banking, APEMEA, Valerie Nowak said, “The open banking market is set for significant growth in Europe. Our commitment is to foster an innovative, accessible, and secure payments ecosystem. By empowering Cardstream, we can support both issuing and acquiring customers with a comprehensive open banking solution and thereby enhance payment choice for their customers.”
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