What must Mastercard Send participants do before using the APIs?

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In the context of Mastercard Send, participants must first establish a settlement account prior to using the APIs. This is essential as the settlement account serves as the financial account where all transactions will be tracked and settled. It provides the necessary infrastructure for funds to be moved efficiently between participants, ensuring compliance with regulatory requirements, risk management processes, and operational capabilities.

Without a settlement account in place, transaction processing cannot occur, rendering the APIs unusable for those participants. This foundational step is crucial for enabling participants to engage in the payment ecosystem effectively, allowing them to facilitate and manage payments securely within the Mastercard framework.

The other options involve important components of the API usage process but come after establishing the settlement account. Participants typically engage in registering for programs and services, completing testing and validation, and attending training sessions to understand how to work with the APIs and integrate them into their systems. However, these steps can only occur after the settlement account has been established, as it is the first requirement for starting the transaction process.