Mastercard (NYSE: MA) has officially introduced a range of new open banking-powered tools that put consumers in control of their data, safely and securely.
Global payments firm Mastercard is launching Connect Plus, which is said to be data-consent command center, and new enhanced identity and device intelligence features.
As noted in the update from Mastercard, open banking makes sharing financial data with third-parties seamless and secure, helping consumers access “valuable financial experiences” like easier ways to pay recurring bills or more inclusive pathways to build credit and secure a loan.
Mastercard pointed out in a blog post: Shouldn’t there be a central place for consumers to manage where that “financial data is going?”
Introducing Mastercard Connect Plus, a data command center that will give consumers control of “where, how and with whom their financial data is shared.”
Within a digital web app, individuals will be able to search for and link their bank accounts, view which third-parties have consent to “access that account’s data and grant and revoke consent in real time.”
And to ensure the consumer is kept “in the loop” at all times, Connect Plus will notify users when a third-party’s permission in order to access account data is “expiring or needs additional attention.”
In a survey of consumers, Mastercard revealed that the majority or 76% currently “connect their financial accounts.”
Of those respondents, the vast majority (93%) agreed that having “control over how their financial data is used is of paramount importance.”
Mastercard’s Data and Tech Responsibility Principles aim to reflect this.
When it comes to personal financial data, the individual is said to be in the driver’s seat: you own your data, you “control it, you should benefit from its use.”
To facilitate this, Connect Plus will deliver a “streamlined and secure” platform for individuals to manage their data shared through Mastercard’s Open Banking network.
Offering a “360-degree view “of the third parties a consumer has granted data access to and the tools to manage the access, Connect Plus empowers individuals to take charge of their financial lives, “safely and with ease.”
Mastercard is piloting Connect Plus this year and expects to expand to full availability in the United States next year.
As consumers are taking control of their data and managing it with “increased ease, fraudsters are getting smarter.”
To keep individual financial data safe as consumers link their bank accounts, Mastercard is enhancing its Account Owner Verification solution with security features to combat bank, individual and device fraud in the open banking ecosystem.
Via a single API, the features aim to offer “elevated” insights in order to confirm ownership, verify identity and validate the device being “used when connecting to a bank account.”
The solution now includes device intelligence, adding an “additional layer of security to combat account opening fraud.”
During the account opening and funding experience, this new feature can be used to validate the device in use to determine if it’s “genuine or spoofed,” detect signs of automation and “confirm if the device has been associated with prior fraud.”
These smart tools are instrumental in identifying fraud and blocking synthetic identity patterns that can be “missed through traditional identity verification checks.”
Paired with Mastercard’s AI-powered tools that secure the account opening experience, issuers, banks, merchants, lenders and other financial institutions can safely verify accounts while “giving consumers the confidence that Mastercard is keeping their financial data safe, every step of the way.”
Mastercard is enabling/supporting consumers and small businesses to seamlessly manage and share data while “offering the tools, and insights to keep it secure.”
Mastercard’s Open Banking Consulting Practice reportedly offers professional advice and hands-on support to help businesses and financial institutions define and execute a strategy to excel in the open banking ecosystem, providing tools, resources to help their customers “control their data, securely and transparently.”
The Mastercard Account Owner Verification solution, along with a library of APIs for open banking and beyond are “available now “at Mastercard Developers.