LSEG Partners With Mastercard to Enhance Digital Identity and Fraud Solutions for Customers

GIACT, an LSEG business, has partnered with Mastercard to enhance account verification solutions using Open Banking technology.

Rhea-AI Summary

GIACT, an LSEG business, has partnered with Mastercard to enhance account verification solutions using Open Banking technology. This collaboration aims to provide a secure verification platform that authenticates account ownership and reduces fraud risk for financial institutions. By leveraging Mastercard's capabilities, GIACT will offer comprehensive account information verification for over 95% of U.S. deposit accounts. The partnership supports compliance, streamlines onboarding, and mitigates fraud exposure, ultimately boosting customer experience. The initiative is part of LSEG’s ongoing investment in digital identity and fraud prevention solutions.

Positive

• Partnership with Mastercard enhances account verification capabilities.
• Access to consumer-permissioned data for improved verification processes.
• Solution covers over 95% of U.S. deposit accounts, increasing market reach.
• Improved fraud prevention and compliance support for financial institutions.

Negative

• None.

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Single uniform platform solution authenticates account ownership, enables financial institutions to expand and modernize their account verification capabilities while reducing risk of fraud 

NEW YORK and LONDON, March 7, 2023 /PRNewswire/ -- GIACT, an LSEG (London Stock Exchange Group) business, today announces a partnership with Mastercard, a global technology company in the payments industry, 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.  

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.

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." 

*Coverage of US deposit accounts through Mastercard open banking network, bank consortium data sources and GIACT proprietary data 

About LSEG 

LSEG (London Stock Exchange Group) business, is one of the world's largest providers of financial markets data and infrastructure. LSEG's Data and Analytics division is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners. For more information visit: www.lseg.com

About GIACT 

GIACT®, a London Stock Exchange Group (LSEG) company, is a leader in helping companies positively identify and authenticate customers. Since 2004, GIACT has been empowering businesses across all industries with data-driven insights to prevent identity and payments fraud and improve compliance procedures, all through a single platform – the EPIC® Platform. For more information, visit www.giact.com 

About Mastercard (NYSE: MA) 

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Some Open Banking  data services are delivered by Finicity, a subsidiary of Mastercard. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. For more information visit: http://www.mastercard.com   

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SOURCE GIACT

FAQ

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What is GIACT's partnership with Mastercard about?

GIACT has partnered with Mastercard to enhance account verification solutions using Open Banking technology.

How does the partnership benefit Mastercard (MA)?

The partnership allows Mastercard to extend its digital identity and fraud solutions through GIACT's platform, improving customer verification.

What percentage of U.S. deposit accounts will GIACT cover with this solution?

The solution will provide verification capabilities for over 95% of U.S. deposit accounts.

What type of data can GIACT verify through this partnership?

GIACT will verify bank account ownership, income, account balance, and transaction information using consumer-permissioned data.

When was the partnership between GIACT and Mastercard announced?

The partnership was announced on March 7, 2023.