GIACT, an LSEG (London Stock Exchange Group) business, today announces a partnership with Mastercard, a global technology company in the payments industry, to leverage its Open Banking capabilities to provide a secure account verification solution for customers.
IN BRIEF:
- Identity and authentication player Giact was acquired by the LSE as part of its Refinitiv takeover.
- The partnership will build on LSEG's existing suite of digital identity and fraud solutions, allowing businesses to use a multi-method approach to verify account information for over 95%* of U.S. deposit accounts.
- With Mastercard's Open Banking technology, GIACT will be able to deploy Nacha-compliant account verification solutions across its growing array of Customer and Third-Party Risk businesses.
What does this mean?
Phil Cotter, LSEG Group Head of Customer & Third-Party Risk Solutions, said, "The partnership with Mastercard builds on our continued investment in digital identity fraud solutions for LSEG customers. By providing customers with consumer-permissioned open banking account verification through Mastercard, our customers can more effectively manage fraud and meet their compliance obligations, whilst providing a differentiated digital experience to their customers.
Together with Mastercard, LSEG is building on two decades of experience in developing customer and third-party risk solutions for the world's leading global banks and corporations to extend our offerings across customer risk screening, due diligence, identity verification and fraud prevention, supporting our customers' digital strategies."
