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Mastercard to buy digital ID firm Ekata for $850m

Mastercard has agreed an $850 million deal to buy AI-powered digital identity verification company Ekata.

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Mastercard to buy digital ID firm Ekata for $850m

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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Ekata works with merchants, financial institutions, travel companies, marketplaces and digital currency platforms, helping them to identify bad actors in real-time during online account opening, payments and other digital interactions.

Mastercard says the addition of Ekata's technology and engineering teams will help bolster the support it can provide as a one-stop partner for any consumer, bank, merchant, fintech or government’s data, payment and open banking needs.

The payments giant also stresses the combined capabilities across digital-first, instalment and crypto payment services, with the potential to expand further to real-time payments and cross-border activities.

Ajay Bhalla, president, cyber and intelligence solutions, Mastercard, says: "With the addition of Ekata, we will advance our identity capabilities and create a safer, seamless way for consumers to prove who they say they are in the new digital economy."

The acquisition is expected to close within six months, subject to regulatory review.

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