GIACT, an LSEG (London Stock Exchange Group) business, today announces a partnership with Mastercard, a global technology company in the payments industry, to leverage its Open Banking capabilities to provide a secure account verification solution for customers.
The partnership will build on LSEG’s existing suite of digital identity and fraud solutions, allowing businesses to use a multi-method approach to verify account information for over 95%* of U.S. deposit accounts.
With Mastercard’s Open Banking technology, GIACT will be able to deploy Nacha-compliant account verification solutions across its growing array of Customer and Third-Party Risk businesses. GIACT customers will have access to consumer-permissioned data to verify bank account owner, income account balance and transaction information. By allowing customers to verify a vast array of information within a single bank account, institutions can fulfill customers’ needs more quickly and reliably – streamlining onboarding, decreasing fraud exposure, and supporting compliance.
Phil Cotter, LSEG Group Head of Customer & Third-Party Risk Solutions, said, “The partnership with Mastercard builds on our continued investment in digital identity fraud solutions for LSEG customers. By providing customers with consumer-permissioned open banking account verification through Mastercard, our customers can more effectively manage fraud and meet their compliance obligations, whilst providing a differentiated digital experience to their customers.
Together with Mastercard, LSEG is building on two decades of experience in developing customer and third-party risk solutions for the world’s leading global banks and corporations to extend our offerings across customer risk screening, due diligence, identity verification and fraud prevention, supporting our customers’ digital strategies.”
Andy Sheehan, Mastercard’s EVP, U.S. Open Banking, said, “Digital acceleration has changed how people think about money and what they expect from financial services. We are proud to be partnering with GIACT’s team to provide their clients the ability to automate account verification using consumer-permissioned, real-time bank data.”
*Coverage of US deposit accounts through Mastercard open banking network, bank consortium data sources and GIACT proprietary data
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