Mastercard, a global leader in payment solutions, has launched a new product to give consumers more control over how their financial data is shared with third parties.
The introduction of the new tool, Connect Plus, is a response to growing consumer concerns over data privacy and control, according to Finextra.
As open banking becomes more widespread, people are looking for more secure and transparent ways to manage access to their financial information.
Mastercard has long been at the forefront of financial technology, offering services ranging from payments processing to fraud detection and open banking solutions. The company continues to push the boundaries of what is possible in the FinTech space, with a focus on improving consumer confidence and security.
Connect Plus is a data-consent management platform designed to give users control over who can access their financial data. The platform allows individuals to link their bank accounts, view which third parties have permission to access their data, and grant or revoke consent in real time. In addition, it notifies users when a third party’s permission is about to expire, ensuring they stay informed about how their data is being used.
The product is designed to address the complexity and risk associated with sharing financial data in an open banking ecosystem. It simplifies data consent management while empowering users to have greater control over their information.
Mastercard is also enhancing its Account Owner Verification tool by adding new security features aimed at reducing fraud. The tool provides advanced insights through a single API, confirming ownership of bank accounts, verifying identities, and validating devices. This added security is expected to reduce risks of fraud in open banking transactions.
Jess Turner, EVP, global head, open banking and API, Mastercard, said: “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.”
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