GIACT – a London Stock Exchange Group business – is looking at forming a collaborative partnership with Mastercard to mutually share its digital identity verification solutions with Mastercard’s open banking capabilities.
The partnership will pursue faster and more seamless onboarding for legitimate customers using their self-governed real-time data to enable verification of 95% of U.S. deposit accounts.
The two financial services are exchanging tools which will merge their digital transformation offering to customers, adding additional layers of security to banking services while ensuring they are privacy preserving of consumers’ data.
GIACT will be able to deploy its Nacha-compliant account verification solutions across its expanding Customer and Third-Party Risk businesses. Customers’ have the freedom to share and authorise their permissioned data including to confirm the bank account owner, the income account balance and transactions with a single bank account.
Together GIACT and Mastercard are looking to create a single, smooth onboarding customer journey to ascertain their customers’ verifiable credentials (also called “Knowing Your Customer” KYC) to authenticate them and outcast fraudsters.
All the research suggests that satisfied customer unlock further commercial growth for banks by opening more accounts and increasing their deposits.
Phil Cotter, Head of Customer and Third-Party Risk Solutions, LSEG Group 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”.