Mastercard has launched a programme that uses open banking to streamline the account opening process for some US debit and prepaid products.
Mastercard will provide participating US issuers free access to its Account Owner Verification, Account Detail Verification and Account Balance Check technology.
Issuers can use this to support digital account opening of Mastercard-branded consumer and small business debit and general-purpose reloadable consumer prepaid products.
This, says the payments giant, will help them to verify account ownership; lower abandonment and inactive accounts; and reduce non-sufficient fund returns.
Silvana Hernandez, EVP, product and engineering, North America, Mastercard, says: “Today’s digital consumer is increasingly opening bank accounts online, gravitating towards the convenience and efficiency of the experience versus more traditional manual methods.
“The Open Banking for Account Opening program provides another entry point to the digital economy through valuable and secure experiences that lean into the power of consumer-permissioned data.”