April 5, 2017
By: Mike Dautner
As of today MasterCard announced a partnership with Regalii, a leading financial data and bills API, which powers over 30 leading financial institutions like banks and fintech companies.
With the business-minded vision of Regalii, the company intends to build the next generation infrastructure for personal finance management around the world.
This carefully devised strategic partnership looks to bring Regalii’s innovative API to MasterCard’s network of banks, offering customers totally modern, new ways to manage their finances at a one-stop shop-so to speak.
Eight years hence from the Great Recession, over 50 percent of millennial consumers ages 18 to 34 still find difficulty in paying their bills on time, and as a result, is sending their credit into a downward spiral. Tragic.
The FI’s that serve these consumers are, at this juncture, not even close to capable of helping them. As a matter of fact, many still run on a pre-internet infrastructure, which makes it costly for them to adopt innovative technologies to help.
Just to give you an idea, the majority of banks still pay bills as checks. There are virtually no banks with the capability to offer consumers real-time data, as in payment confirmation, alerts when bills are due, surcharges or payment history.
“We want to power the liability side of consumers’ balance sheet,” said Edrizio de la Cruz, Regalii CEO and Co-Founder. “If we can track a data and payment behavior on credit cards, student loans and utility bills, we can ultimately help our F.I. clients rebuild and rethink credit.”
“This is the year that data and analytics go mainstream,” said Amy Neale, Vice President and Senior Business Leader at Mastercard. “Establishing a strategic partnership with a bill pay leader such as Regalii allows us to capitalize on this industry shift and tap into the growing market of consumers who demand tech-based banking.”