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