Mastercard announces it has completed its acquisition of Ekata, which provides identity verification services to businesses.
In Brief:
Ekata was founded in Seattle in 2019.
Ituses ID verification to help businesses with account opening, payments and other digital interactions.
Ekata’s data and machine learning tech will be brought into Mastercard’s fraud prevention and digital ID programmes.
What does this mean?
Ajay Bhalla, president of Cyber and Intelligence at Mastercard, says that bringing the teams together will enable a “safer, seamless way for consumers to prove who they say they are in the new digital economy”. He added that a frictionless experience is key.
