Mastercard has introduced Connect Plus, a data command centre that provides consumers with control over where, how and with whom their financial data is being shared.
Connect Plus provides a single secure, easy-to-use digital web application that allows individuals to search and link their bank accounts.
The new solution allows users to view the list of third parties that can access their financial data and change their consent in real time.
Also, Connect Plus will notify users when a third party’s permission to access account data is expiring or needs additional attention.
Mastercard executive vice president and open banking and API global head Jess Turner said: “Transparency is the key ingredient to instilling trust in the digital economy.
“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.”
According to Mastercard, open banking simplifies and secures the sharing of financial data with third parties, and helps consumers easily pay bills, build credit and secure loans.
In a global survey, 76% of respondents currently connect their financial accounts, and 93% of them agreed that control over their financial data is important.
Mastercard said that its Connect Plus will provide a simplified and secure platform for people to manage their data shared through Mastercard’s Open Banking network.
The card company is testing its Connect Plus solution this year, with plans to make it fully available in the US by 2025.
The company plans to enhance its Account Owner Verification solution with new security features, to combat bank, individual and device fraud in the open banking ecosystem.
The new features will provide deep insights to confirm ownership, verify identity and validate the device being used when connecting to a bank account, all through a single API.
Also, they can be used during account opening and funding to validate whether a device is genuine or spoofed, detect signs of automated activity, and check the history of fraud.
Last month, Mastercard updated its Consumer Fraud Risk (CFR) solution to enhance consumer protection from real-time payment scams.
