Mastercard introduces a subscription management tool driven by open banking.

A Mastercard survey found that 60% of respondents said they would trust their bank to provide a tool like this, and 73% of respondents said they would be interested in having the ability to identify, track, cancel, or renew subscriptions.

Smart Subscriptions uses Finicity's open banking technology on behalf of Mastercard to link several accounts into a single central hub. With just one low-lift API, the white-labeled tool that is independent of network and payment methods may be put into use.

In addition to obtaining personalized offers, expenditure categorization, and individual spend analysis, bank customers have the ability to suspend, restart, and cancel their subscriptions. According to Mastercard, the technology helps banks boost engagement, encourage loyalty, and lower chargeback rates.

Although the technology is already undergoing testing in the US, other nations should see it this year.

"No matter how many services you pay for, managing those recurring subscriptions should be simple and seamless," states Raj Seshadri, president of Mastercard's data and services division.

Based on that realization, Smart Subscriptions satisfies the requirements for simple interaction that customers and banks have set forth. And loyalty is the real test of success once those requirements are satisfied."