Mastercard has launched “Open Banking for Account Opening,” an API that provides customer account ownership and digital identity verification in real-time. The API aims to help banks and FinTechs prevent fraud when onboarding customers to digital wallets, bank accounts, disbursements, and account-based payments. 

The solution leverages technology from its subsidiaries (open banking technology from Finicity and behavioral biometrics from NuData Security) and checks against global data sources to generate risk scores.    

Analyst QuickTake: Mastercard has taken steps to expand its open banking offerings. Last July, the company included open banking services to its “Engage” partner network to enable technology partners to access Mastercard’s open banking infrastructure. Moreover, earlier in 2022, it rolled out the “Payment Success Indicator” and “Payment Routing Optimizer” tools to improve efficiency and minimize the risk of processing open banking payments (developed by Finicity).