GIACT, a division of the LSEG (London Stock Exchange Group), announces a cooperation with Mastercard, a leading provider of global payments technology, to use Open Banking to offer clients a safe method of account verification. As a result of the cooperation, businesses will be able to employ a variety of methods to confirm account information for more than 95%* of U.S. bank accounts, expanding on LSEG’s current range of digital identification and fraud solutions. GIACT will be able to implement Nacha-compliant account verification solutions across its expanding array of Customer and Third-Party Risk businesses thanks to Mastercard’s Open Banking technology. Customers of GIACT will have access to consumer-permissioned data to confirm the owners of bank accounts, the amount of income accounts, and transaction data. Institutions can meet customers’ demands more quickly and reliably by enabling clients to verify a wide range of data within a single bank account. This streamlines onboarding, lowers the risk of fraud, and supports compliance.
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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.”
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