Mastercard will provide Synctera-powered FinTech innovators fast account verification
Synctera, a leading FinTech banking provider helping innovators build their own FinTechs more efficiently, is expanding its partnership with Mastercard by integrating Mastercard’s open banking platform (provided by Mastercard’s wholly owned subsidiary, Finicity) to provide account verification solutions for Synctera-powered FinTechs. The addition of consumer-permissioned data from an open banking platform allows early-stage FinTechs access to the data they need to mitigate fraud, maximize confidence, and provide more choice in payment transactions to improve user experiences.
“Mastercard and Synctera’s partnership enhances the support and collaboration that is critical to FinTech innovators and will allow entrepreneurs and developers the ability to go to market quickly and ultimately deliver more consumer choice.”
Mastercard’s initial activities with Synctera were seen in support of the Digital First Card Program to improve bank and FinTech onboarding and support. This latest collaboration uses Mastercard’s open banking platform to expand the options available to Synctera-powered FinTechs as they build their tech stacks and allows for improved KYC capabilities. With Mastercard integrated into the Synctera platform, consumers will be able to connect and fund their accounts from thousands of banks in minutes.
“Our goal is to empower FinTechs and position them to succeed in a competitive marketplace through superior tools and resources and meaningful and strategic partnerships,” said Peter Hazlehurst, CEO of Synctera. “Mastercard has been an essential partner in helping us meet the goal of opening up economic opportunities for the consumers and businesses that our banking and FinTech customers serve.”
“Mastercard’s open banking platform provides consumer-permissioned data that is critical to enabling all ecosystem players, opening the door for the future of financial experiences, and can help streamline account verification to reduce friction between apps and consumers,” said Andy Sheehan, Executive Vice President, U.S. Open Banking at Mastercard. “Mastercard and Synctera’s partnership enhances the support and collaboration that is critical to FinTech innovators and will allow entrepreneurs and developers the ability to go to market quickly and ultimately deliver more consumer choice.”
Mastercard offers payment enablement, account funding, account verification and more to its users with the data and insights FinTech builders need to mitigate risk and fraud.
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