Mastercard has announced that it is expanding its pre-eminent payments-focused consulting service with new financial practices. The new practices are dedicated to open banking, open data, crypto and digital currencies, and environment, social and governance (ESG). This is in a bid to help businesses evolve and supercharge their growth enterprise-wide,

For more than two decades, consulting has been a key part of Mastercard’s customer engagements, whether designing multi-rail payments strategies or advising on data governance opportunities. Mastercard’s data and services currently includes more than 2,000 data scientists, engineers and consultants, serving customers in 70 countries around the world.

Open banking puts businesses and consumers at the center of where and how their financial data is used and furthers access to services they want and need. To help businesses maximize open banking opportunities, Mastercard’s consultants use data-driven insights, advisory and product development services, in alignment with Mastercard’s Data Responsibility Principles.

Mastercard’s consultants are helping clients better understand what that means for their businesses, and then transform these insights into actionable strategies that bridge purpose and profit. For example, Mastercard and a leading bank in Latin America partnered with cardholders to combat climate change. The collaborative approach designed by Mastercard empowered consumers to make a positive impact on the planet by restoring forests through the Priceless Planet Coalition, while also driving card usage.

“Payments are just the beginning. Over the past 20 years, we’ve worked with our customers across banking, fintech, retail, travel and other sectors, helping them understand and navigate every challenge and opportunity thrown their way. This evolution of consulting is in recognition of the changing world and of our changing business. It’s about helping customers navigate today’s challenges and anticipating what’s next,” said Raj Seshadri, President of Data and Services at Mastercard.