About Mastercard Payment Switch
A digital onboarding and account-switching solution that enables customers to securely update their recurring payments and direct deposit information across multiple merchants and service providers.
Mastercard Payment Switch is a specialized open finance solution designed to simplify the bank switching process for consumers. By integrating with Mastercard's Open Finance suite—powered by Finicity—it allows financial institutions to embed direct deposit and recurring payment switching directly into their digital onboarding flows. This capability addresses a major pain point for customers who are often hesitant to switch banks due to the complexity of moving payroll and recurring bills. By automating these tasks, the product helps banks accelerate account funding and drive account primacy. The solution has demonstrated strong performance in real-world deployments, such as with Citizens, where it helped streamline the digital journey and improve conversion rates. It is primarily targeted at financial institutions looking to modernize their onboarding experience and strengthen long-term customer relationships.
Pros & Cons
- Significantly reduces friction during the bank onboarding process by automating payment and deposit switching.
- Helps financial institutions increase account primacy by making it easier for customers to move their primary financial activity.
- Provides a secure, digital-first experience that replaces manual paperwork and physical forms.
- Proven to deliver strong conversion rates in early deployment scenarios.
- Public pricing and specific plan details are not available, as the solution is typically implemented through enterprise partnerships.
- Integration requires a technical implementation within the bank's existing mobile or online banking platform.
Features
Key features
Allows customers to locate and update their recurring payment methods across various merchants and service providers.
Enables customers to move payroll deposits directly into their new bank accounts through a secure digital process.
Embeds switching capabilities directly into bank mobile and online channels to streamline the customer onboarding journey.
Leverages secure open finance data connections to facilitate the transfer of payment and deposit information.
Helps financial institutions drive account primacy by simplifying the transition of essential financial activity.
Additional features
Provides access to over 550 payroll providers to facilitate direct deposit switching.
Reduces manual paperwork and printing of forms during the bank switching process.
Uses secure APIs to handle the exchange of payment and deposit details.
Designed to reduce drop-off rates during the digital onboarding process for new bank accounts.
Built on the Mastercard Open Finance suite, powered by Finicity.
Pricing
Countries & Languages
Interface languages
Billing currencies
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About Mastercard Payment Switch
A digital onboarding and account-switching solution that enables customers to securely update their recurring payments and direct deposit information across multiple merchants and service providers.
Mastercard Payment Switch Details
Mastercard Payment Switch's In-App Market Place
Does Mastercard Payment Switch have an in-app market place?
Yes
How many Mini-Apps in the marketplace?
11
Mini Apps
1. Mastercard Payment Gateway Services: This add-on provides secure payment processing through Mastercard's robust gateway services
allowing users to safely accept online payments from customers.
2. Masterpass Digital Wallet: This add-on enables users to easily integrate Masterpass into their website
offering customers a seamless and secure way to make payments by storing their payment information in a digital wallet.
3. Mastercard Fraud Detection Services: This add-on helps to protect users from fraudulent transactions by utilizing advanced fraud detection algorithms and machine learning technology to identify and prevent suspicious activity.
4. Mastercard SecureCode: This add-on adds an extra layer of security to online payments by requiring customers to enter a unique code when making a purchase
reducing the risk of unauthorized transactions.
5. Mastercard Payment Tokenization: This add-on encrypts sensitive payment information
such as credit card numbers
into a unique token that can be securely stored and used for future transactions
minimizing the risk of data breaches.
Pricing Options
Accepted Payment Currencies
USD ($), EUR (€), GBP (£), AUD (A$), CAD (C$), JPY (¥), CNY (¥), INR (₹), RUB (₽), MXN (Mex$)
Pros & Cons
- Significantly reduces friction during the bank onboarding process by automating payment and deposit switching.
- Helps financial institutions increase account primacy by making it easier for customers to move their primary financial activity.
- Provides a secure, digital-first experience that replaces manual paperwork and physical forms.
- Proven to deliver strong conversion rates in early deployment scenarios.
- Public pricing and specific plan details are not available, as the solution is typically implemented through enterprise partnerships.
- Integration requires a technical implementation within the bank's existing mobile or online banking platform.
Mastercard Payment Switch's Support Options
Email Address
support@mastercard.comContact
1-800-627-8372Community Forums
https://community.mastercard.com/Mastercard Payment Switch's Alternatives
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