Mastercard debuts new open banking-powered tools that put consumers in control of their data, safely and securely

Mastercard debuts new open banking-powered tools that put consumers in control of their data, safely and securely

Introducing Connect Plus, a data-consent command center, and new enhanced identity and device intelligence feature

Open banking makes sharing financial data with third-parties seamless and secure, helping consumers access valuable financial experiences such as easier ways to pay recurring bills or more inclusive pathways to build credit and secure a loan. Shouldn't there be a central place for consumers to manage where that financial data is going?

Introducing Mastercard Connect Plus, a data command center that will give consumers control of where, how and with whom their financial data is shared. Within one secure, easy-to-use digital web application, individuals will be able 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. And to ensure the consumer is kept in the loop at all times, Connect Plus will notify users when a third-party's permission to access account data is expiring or needs additional attention.

A one-stop digital data portal

In a global survey of consumers, Mastercard found that 76% currently connect their financial accounts. Of those respondents, the majority (93%) agreed that having control over how their financial data is used is of paramount importance. Mastercard's Data and Tech Responsibility Principles reflect this. When it comes to personal financial data, the individual is in the driver's seat: you own your data, you control it, you should benefit from its use. We keep it secure.

To facilitate this, Connect Plus will deliver a streamlined and secure platform for individuals to manage their data shared through Mastercard's Open Banking network. Offering a 360-degree view of the third parties a consumer has granted data access to and the tools to manage the access, Connect Plus empowers individuals to take charge of their financial lives, safely and with ease.

"Transparency is the key ingredient to instilling trust in the digital economy," said Jess Turner, executive vice president & 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 is piloting Connect Plus this year and expects to expand to full availability in the U.S. in 2025.

Keeping financial account data safe, every step of the way

As consumers are taking control of their data and managing it with increased ease, fraudsters are getting smarter. To keep individual financial data safe as consumers link their bank accounts, Mastercard is enhancing its Account Owner Verification solution with new security features designed to combat bank, individual and device fraud in the open banking ecosystem. Through a single API, the new features provide elevated insights to confirm ownership, verify identity and validate the device being used when connecting to a bank account.

The solution now includes device intelligence, adding an additional layer of security to combat account opening fraud. During the account opening and funding experience, this new feature can be used to 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. These smart tools are instrumental in identifying fraud and blocking synthetic identity patterns that can be missed through traditional identity verification checks.

Paired with Mastercard's AI-powered tools that secure the account opening experience, issuers, banks, merchants, lenders and other financial institutions can safely verify accounts while giving consumers the confidence that Mastercard is keeping their financial data safe, every step of the way.

Mastercard is empowering consumers and small businesses to seamlessly manage and share data while offering the tools, and insights to keep it secure. Mastercard's Open Banking Consulting Practice further provides professional advice and hands-on support to help businesses and financial institutions define and execute a strategy to thrive in the evolving open banking ecosystem, providing tools, resources and best practices to help their customers confidently control their data, securely and transparently.

The Mastercard Account Owner Verification solution, along with a library of APIs for open banking and beyond are available now at Mastercard Developers.

Mastercard at Money 20/20

Join Mastercard at Money 20/20 in Las Vegas from October 27-30 to experience how Mastercard is building a financial future that is smart, secure and accessible to everyone. Leaders from Mastercard Open Banking including Jess Turner and Tom Carpenter, SVP of industry, policy & standards engagement, open banking & open finance, will be digging into topics including financial inclusion, small business and the North American open banking landscape. Visitors can stop by the Mastercard booth (#5701) at the Venetian Convention & Expo Center to learn more.