Mastercard brings its blockchain API to B-to-B payments
Mastercard is opening up access to its blockchain technology via its application programming interface (API) on its portal for developers, focusing initially on business-to-business use cases.
This is Mastercard’s first phase of its expansion of developer tools leveraging blockchain technology, the Purchase, N.Y.-based card network said in a Friday press release.
Using these tools, bank and merchant developers can work on enhancing the privacy, scalability, reach and flexibility of international B-to-B payments, including powering trade finance transactions and authenticating transactions across corporate supply chains, Mastercard said in the release.
The move creates more room for developers to work on new payment types and use cases leverage a range of private and open APIs, said Jessica Turner, Mastercard’s executive vice president of digital payments and labs for North America, in an interview.
“Our latest blockchain activities support a holistic approach to bringing our various B-to-B and cross-border services together—including HomeSend, VocaLink and our B2B Hub—so developers can begin testing many other ways to move money,” Turner said.
Early last year Visa opened its network to third-party software developers with the launch of its Visa Developer platform, and in the fall of 2016 the card network invited banks to begin testing blockchain-powered cross-border payments at the Visa Europe Collab.