Open Banking, Partnership Announcements
GIACT partners with Mastercard to enhance digital identity and fraud solutions for customers
GIACT, an LSEG (London Stock Exchange Group) business, today announces a partnership with Mastercard 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.
This single uniform platform solution authenticates account ownership and enables financial institutions to expand and modernize their account verification capabilities while reducing the risk of fraud.
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.
Read more about Mastercard, GIACT and this partnership here.
*Coverage of US deposit accounts through Mastercard open banking network, bank consortium data sources