Mastercard launches open banking API to tackle fraud and ease onboarding

A new solution promising ‘Open Banking for Account Opening’ has been introduced by Mastercard package customer identity verification with identity insights in a single API for easy onboarding and protection against fraud.

The API provides customer account ownership and digital identity verification in real-time, according to the announcement, helping banks and fintechs onboard customers to digital wallets, new bank or investment accounts, disbursements and account-based payments.

“At Mastercard, trust is our business. Our digital identity and open banking networks instill …

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