Mastercard hires Liz Oakes to bolster real-time payments

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Former McKinsey & Company associate partner Liz Oakes has been named Mastercard's executive vice president of market development for the New Payments Platforms division.

In her role, Oakes will collaborate with regional teams on real-time payments strategies for governments, central banks, regulators, schemes, retail and commercial banks across the globe.

Oakes, who earlier in her career worked at Vocalink, now part of Mastercard, will be based in London and report to David Yates, president of New Payments Platforms at Mastercard.

“I am delighted to rejoin the organization at such a pivotal moment in the development of payment infrastructures globally to meet the needs for faster, more efficient systems and flexible architectures that adapt to an Open Banking and API environment,” Oakes said in a Friday press release.

During her tenure at McKinsey, Oakes worked with financial institutions, payments businesses and investors on strategy, design and implementation of payment systems, as well as regulation including PSD2 and open banking, and supporting mergers and acquisitions activity.

In 2016, Oakes joined McKinsey from KPMG, providing strategic, operational and functional payments advisory services to clients. She has been involved in the development of enhanced data capabilities for real-time payments and the implementation of the ISO 20022 XML messaging standard.

“Liz brings a proven skillset to the company, including specialist expertise in clearing and settlement, and the development of innovative payment solutions in wholesale, corporate and retail banking,” Yates said in the release. “We are delighted to welcome her back to Mastercard and look forward to her contributions to an already strong team.”

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