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LSEG signs for Mastercard Open Banking tech

LSEG signs for Mastercard Open Banking tech

London Stock Exchange Group-owned Giact has enlisted Mastercard's Open Banking capabilities to provide a secure account verification offering for its customers.

Identity and authentication player Giact was acquired by the LSE as part of its Refinitiv takeover.

Using Mastercard's Open Banking technology, it will be able to deploy Nacha-compliant account verification solutions across its growing array of customer and third-party risk businesses.

Giact customers will have access to consumer-permissioned data to verify bank account owner, income account balance and transaction information. This, says the firm will streamline onboarding, decrease fraud exposure, and support compliance.

Phil Cotter, group head, customer and third-party risk solutions, LSEG, says: "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."

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