Highnote Partners With Mastercard Engage To Accelerate The Adoption of Embedded Finance

Jan 20, 2023
Highnote Team

Embedded finance is quickly becoming one of the most important tools for businesses to create value for their customers. In 2021, embedded finance in the e-commerce sector was $2.6 trillion of Gross Payment Volume (GPV), or five percent of all US retail transactions. While this number is growing fast, it should come as no surprise. Through the power of embedded finance, businesses are extending more of their brand, creating more engagement, and offering more convenience than ever before.

That’s why we’re thrilled to announce that we have become a Mastercard Engage partner. As a qualified technology partner within the Mastercard Engage network, we can help businesses quickly build and deploy embedded finance solutions at scale. Through this partnership, cardholders can initiate transfers directly in and out of card products powered by Highnote.

Additionally, through this partnership, Highnote customers can now not only take advantage of Highnote’s industry-leading ACH origination, card issuance, and money movement capabilities but also instantly verify cardholders’ accounts, with their permission. Customers can also securely verify a funding source without storing sensitive banking data, enabling a seamless workflow for sending and receiving payments. Further, customers can manage error handling, input validation, multi-factor authentication, and can move funds between their card account(s) and external bank account(s) via an automatically generated Highnote Processor Token.

“The pandemic accelerated the adoption of digital payments through embedded finance,” says Mastercard’s EVP, U.S. Open Banking, Andy Sheehan. "We see this partnership as an excellent opportunity to give consumers and businesses more choice in how they pay for goods and services. We’re thrilled to bring together Highnote and Mastercard teams to allow enterprises to seamlessly embed payments into their existing digital products.”

This partnership offers Highnote & Mastercard customers the following benefits:

  • Highnote customers embedding ACH payments can showcase their brand within the bank account verification workflow

  • Reduced errors in inputting bank account information for money movements

  • Secure information transmission without the need to store PII, PCI, or sensitive data at the customers’ end

  • Reduced non-sufficient fund (NSF) return scenarios using the ability to do real-time account balance checks before originating an ACH

  • Highnote customers partnering with Mastercard can get exclusive partner pricing, significantly reducing transaction costs and total cost of ownership

Our CEO, John MacIlwaine, has this perspective on the partnership: “Mastercard is an incredible partner in building a more seamless embedded payments experience. They clearly have their finger on the pulse of the direction payments technology is headed, and we’re proud to build together with our industry-leading technology to help deploy modernized payments to businesses everywhere.”

Highnote is the world’s most modern card issuer-processor and program manager, purpose-built to realize customer loyalty and engagement through embedded card experiences. Its fully integrated tech stack provides every service needed for innovative companies to launch new ways to use card payments. Utilizing the developer-friendly Highnote platform, product and engineering teams at digital enterprises of all sizes can easily and efficiently embed virtual and physical payment cards (commercial and consumer prepaid, debit, credit, and charge), ledger, and wallet capabilities into their existing products, creating compelling value for users while growing revenue and building a unique and differentiated brand. Highnote has garnered more than $100 million from leading fintech investors and is headquartered in San Francisco, California.

We strive to provide the best value for our customers. To learn more about our offerings, get in touch now.

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