Open Banking
The key to faster fintech growth is safe, seamless digital account opening
Innovations in finance and payments are unlocking new experiences for consumers and fintechs alike. As of 2022, 78 percent of adults in the U.S. prefer to bank via a mobile app or website. As more people open accounts and manage their finances online, digital transaction volumes are projected to reach nearly $15 trillion by 2027.
To further its vision of providing safe, simple, and smart choices in payments and financial services, Mastercard is launching an enhanced Open Banking for Account Opening solution. This innovation integrates account owner verification with identity insights into a single API (Application Programming Interface) to help businesses meet their customers’ needs for security and transparency.
“Digital account opening is central to onboarding new customers and growing a business. Mastercard is uniquely positioned to help fintechs and banks onboard customers safely and seamlessly to accelerate growth while protecting themselves and consumers from the risks of fraud and false declines.”
Jess Turner, EVP, Global Open Banking and API
Secure digital account opening helps fintechs and banks confidently know who their customers are and that they own their linked accounts. Read more about this new Mastercard solution here.