MasterCard uses open banking to facilitate digital account opening


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MasterCard recently unveiled a digital account opening tool that combines customer verification and identity insights into a single API using open banking.

Real-time identity and account ownership verification is provided by Open Banking for Account Opening for customers. To reduce errors, it also prefills account and routing information. For 93% of consumers likely to use digital payments this year, the result, according to MasterCard, is a simpler, quicker, and safer way to open a new account.

The system makes use of open banking, identity data networks, machine learning, and fraud prevention programs to safely exchange consumer-permitted data.

Read More: Mastercard taps open banking for digital account opening

TalkFintech Bureau
TalkFintech Bureau
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.


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