Mastercard has introduced Connect Plus, a data-consent command center that allows consumers to manage where, how, and with whom their financial data is shared.
With Connect Plus, customers will get Enhanced Identity and Device Intelligence as it has features that help ensure secure and seamless sharing of financial data with third parties.
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.
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.
The Mastercard Account Owner Verification solution, along with a library of APIs for open banking and beyond are available now at Mastercard Developers.
Open banking can drive innovation by enabling the development of new financial products and services that leverage consumer-permissioned data.
Consumers can use a secure, easy-to-use digital web application to search for and link their bank accounts, view which third parties have access to their data, and manage permissions.
Mastercard is piloting Connect Plus this year and expects to expand to full availability in the U.S. in 2025.
Mastercard has been actively working on expanding its open banking-powered tools globally. While the initial launch is focused on the U.S., the company has expressed its commitment to bringing these solutions to other markets as well. The timeline for the global rollout will depend on various factors, including regulatory approvals and partnerships with local financial institutions.
Open banking enables consumers to access valuable financial experiences, such as easier ways to pay recurring bills, build credit, and secure loans.
This initiative aims to make financial data sharing more secure and convenient for consumers, empowering them to take control of their personal information.
Mastercard's new open banking-powered tools are likely to have several significant impacts on the credit card industry.
By providing consumers with greater control over their financial data, these tools can help reduce the risk of data breaches and fraud. This increased security can build consumer trust in digital financial services.
Open banking allows for seamless integration of financial services, making it easier for consumers to manage their finances, pay bills, and access credit.
With easier access to financial data, fintech companies and other non-bank entities can offer more competitive products and services, potentially challenging traditional credit card issuers.
Advertisements