Mastercard has introduced a new data command centre, ‘Mastercard Connect Plus’, that will give consumers control of where, how and with whom their financial data is shared.
The new tool will enable individuals to search for and link their bank accounts, view which third-parties have consent to access that account’s data, and grant and revoke consent in real time, within one digital web application.
‘Connect Plus’ will also notify users when a third-party’s permission to access account data is expiring or needs attention.
Mastercard is piloting Connect Plus this year and intends to make it fully available in the US in 2025.
A recent global survey of consumers by Mastercard found that 76% currently connect their financial accounts and, of those respondents, the majority (93%) agreed that having control over how their financial data is used is “of paramount importance”.
‘Connect Plus’ will be a secure platform for individuals to manage their data shared through Mastercard’s Open Banking network.
“Transparency is the key ingredient to instilling trust in the digital economy,” said Jess Turner, executive vice president and global head of Open Banking & API at Mastercard.
“When individuals and small businesses have agency over their financial data – who has it, where it’s going and how it’s being used – they can make informed decisions, access better opportunities and have more confidence that their financial data is just that – theirs.”
Mastercard has also announced enhancements to its ‘Account Owner Verification’ solution, with new security features that are designed to combat bank, individual and device fraud in the Open Banking ecosystem to ensure that individual financial data is kept safe, as consumers link their bank accounts.
The new features, delivered via a single API, provide insights to confirm ownership, verify identity and validate the device being used when connecting to a bank account.
Mastercard has also introduced “device intelligence” to its ‘Account Owner Verification’ solution, which is an additional layer of security designed to tackle account opening fraud.
During the account opening and funding experience, the new feature can validate the device in use to determine if it’s genuine or spoofed, detect signs of automation and confirm if the device has been associated with prior fraud.
Watch Mastercard’s Louise Beaumont, senior vice president, global Open Banking & Open Finance, industry & policy engagement speaking live from the show floor at Open Banking Expo UK & Europe on 15-16 October.
Further reading: Mastercard Open Banking expands income verification solution
