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.