Mastercard releases it blockchain API for banks and partners

Great news came out on the 20th of October, 2017. Mastercard, one of the leading payment services providers in more than 210 countries has revealed their blockchain API for augmenting the banking apps.

This move allows the Mastercard partnering banks and merchants build a secure, transparent, scalable and easily auditable ecosystem of web tools and mobile apps. This means the payment giant is aimed to revolutionize the customer experience with international transactions. The API itself is available from the Mastercard Developers web page and will be intensively used by the participants of the upcoming Money 20/20 hackathon, which takes place this Saturday.

Here is what the aforementioned means for the customers:

• Privacy of transactions — the blockchain API shares the details of each transaction with authorized users only, thus providing transparency, privacy and security of financial interactions.

• Flexibility — leveraging the latest addition to the already robust bundle of Mastercard APIs will enable the software and mobile developers to produce even more customer-oriented, sophisticated and reliable financial apps fit for any purpose.

• Scalability — this specific Mastercard API was built to ensure high scalability, ensuring the stability of thousands of simultaneous transactions.

• Reach — applying this API allows for leveraging the already deployed network of more than 20 thousand partner banks and merchants.

Card-free business-to-business transactions, or even non-payment solutions (like authenticating the supply chain components using Proof of Provenance)— all of this is now a reality, due to using the pinnacle of modern blockchain API.

IT Svit team is much excited by the news, as it opens up new horizons for developing or improving the cutting-edge financial instruments for our partners and customers. Should you have any questions on how to use blockchain API to offer flexible, secure, transparent and intuitive services to the end-users — we are ready to answer them. If you need blockchain consulting or any help with blockchain integration — drop us a line, we are always glad to help!