Open Banking With Mastercard: How MIP Connects Your Financial Data

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As today’s leading accounting software for nonprofits and governmental organizations, MIP Fund Accounting lets you manage finances, track every fund, and follow every dollar. But have you ever wondered how we make that happen? What’s going on behind the scenes to power our robust reporting platform?

The answer is: only the very best financial technology (FinTech) features that are available today.

We develop solutions that make financial data faster, simpler and easier to use. Or, when it comes to highly specialized financial technology, we review and test what’s available on the market, and only choose the very best, proven solution.

When it came to our platform, we knew an open banking solution—one that made it easy to connect your accounts without sacrificing security—was going to be a critical benefit for our organizations. So, we found and partnered with one of the top providers of open banking technology on the market today: Mastercard’s open banking platform (provided by Mastercard’s wholly-owned subsidiary, Finicity).

Mastercard: Open Banking for Fast, Secure Connections

Mastercard’s open banking platform provides a direct connection to the North American banking, lending and wealth management ecosystem. Its open banking financial data aggregation API enables consumer choice, by helping them to use their own data to obtain financial services solutions quickly, simply and securely.

Mastercard’s open banking network encompasses 95% of the financial institutions in the United States. With direct data access agreements and a secure platform, Mastercard provides the consumer-permissioned data, analytics and insights that power today’s payment, banking, finance and financial management innovations.

Mastercard’s open banking solution acts as a protected connection between your account(s) and third party apps and services. It gives you the power to easily share certain data with companies of your choosing. For example, Mastercard’s open banking data lets you verify account information in real time—like the owner of the account, its current balance, and more—for more confident digital payments or donations.

Mastercard supports both organizations and the people that interact with them by improving how financial information and access are shared. It’s a mission we value, as it closely mirrors our own.

Mastercard + MIP = Seamless Accounting 

We knew Mastercard’s technology would be invaluable for the organizations that rely on our accounting software. That’s why we integrated Mastercard’s open banking platform with our own. Now, when establishing your MIP profile, you can quickly and easily add your financial account information. Mastercard integrates with over 95% of financial institutions in the United States, making access easier.

To aid with daily accounting and long-term financial strategy, Mastercard powers a lot of the reporting on which our organizations rely. For example, transaction history aggregation and current account balances —along with key insights on both — can support smarter decision-making.

Our Bank Reconciliation module is a great example of how MIP and Mastercard make for seamless accounting. In this MIP Cloud module, through the Bank Feed feature, transactions are processed and matched within your books, with any anomaly displayed as an outstanding item for you to address. Our proprietary matching algorithm, which identifies those anomalies, is powered by Mastercard’s connection to your account. The account balances and transactions you see reflected in this module are the same numbers reflected in your financial institution’s records at this very moment. That’s because Mastercard’s open banking technology means near-zero lag times or delays.

Even with this uniquely transparent look into your own accounts, MIP never has access to your account or receives your protected information like usernames or passwords. In other words, by using the security protocols of leading financial institutions, Mastercard keeps your private financial data secure while helping us use its information for your benefit.

Benefits of Our Mastercard Integration

Here’s how our partnership with Mastercard directly benefits how you manage your books:

• Automatic bank reconciliation: Real-time account data pulled directly into our bank reconciliation module saves you time and energy.

• Advanced financial security: Mastercard’s GDPR-compliant API encrypts your information for greater safety and fraud protection.

• Accurate reporting: Generate reports using up-to-the-minute financial account information for more accurate bookkeeping.

Learn More

To see this open banking feature in action, along with the rest of MIP’s robust financial reporting tools, request a free demo. Or, visit the Mastercard website to learn more about their open banking technology.