Mastercard has unveiled a set of tools designed to make it easy for people to manage how they share their financial data with third parties.
Connect Plus is a data-consent command centre that offers people control of where, how and with whom their financial data is shared.
Within one digital web application, individuals can search for and link their bank accounts, view which third-parties have consent to access that account’s data and grant and revoke consent in real time.
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.
Jess Turner, EVP, global head, open banking and API, Mastercard, says: “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.”
Separately, Mastercard is adding security features to its Account Owner Verification tool to help combat bank, individual and device fraud in the open banking ecosystem. Through a single API, the new features provide elevated insights to confirm ownership, verify identity and validate the device being used when connecting to a bank account.