LSEG and Mastercard partner on open banking-enabled account verification

London Stock Exchange Group (LSEG) business GIACT is partnering with Mastercard to provide secure account verification with its open banking technology.

The identity and authentication company will make use of the global tech giant’s open banking capabilities to allow businesses to use a multi-method approach to verifying account information for more than 95 per cent of US-deposited accounts.

“By providing customers with consumer-permissioned open banking account verification through Mastercard, our customers can more effectively manage fraud and meet their compliance obligations, whilst providing a differentiated digital experience to their customers,” LSEG group head of customer and third-party risk solutions Phil Cotter said.

“Together with Mastercard, LSEG is building on two decades of experience in developing customer and third-party risk solutions for the world’s leading global banks and corporations.”

Cotter said the partnership will extend LSEG’s offerings across customer risk screening, due diligence, identity verification and fraud prevention to support customers’ digital strategies.

According to LSEG, allowing customers to verify an array of information within a single bank account will allow institutions to fulfil users’ needs more quickly and reliably.

“Digital acceleration has changed how people think about money and what they expect from financial services,” Mastercard EVP US open banking Andy Sheehan said.

“We are proud to be partnering with GIACT’s team to provide their clients the ability to automate account verification using consumer-permissioned, real-time bank data.”