Open Banking Account Verification
Expand your ability to verify bank account data, reduce payments risk and improve customer experience with access to over 95% of U.S. deposit accounts1.
Open Banking Account Verification in partnership with Mastercard uses consumer-permissioned authentication to create a secure, direct connection between you and your customer’s financial institution.
How it works
1
Open Banking Account Verification enables your customers to connect their bank account(s) using a secure consumer-permissioned authentication, requiring minimal friction, allowing you to verify bank account data and reduce payments risk.
2
Once a connection is established, enable a seamless exchange of bank account information, income, and transaction data.
3
Benefit from an automatic and continuous API connection to verify bank account data, helping you maximize conversions, lower abandonment rates and improve customer experience overall.
Verify individual or business bank account information, transaction history, and income in real-time across multiple financial institutions.
Enables reverification of permissioned information seamlessly once a connection is established.
Augment the account verification process through a customizable, waterfall approach leveraging GIACT’s existing solutions (including gVERIFY® and gAUTHENTICATE®) and the Mastercard Open Banking network to manage payments risk across your customer base.
Allow your customers to connect their account(s) using consumer-permissioned authentication, facilitating a more seamless onboarding experience without the need to store customer login credentials
Maximize conversions, lower abandonment rates and improve customer experience overall.
Benefits Include
- Expanded coverage on over 95% of U.S. deposit accounts1
- Better manage payments risk
- Improve customer experience
- Maximize conversions
- Lower abandonment rate
- Single API and vendor for your identity, payments and compliance needs
Learn More about Open Banking Account Verification
1. Coverage of US deposit accounts through Mastercard open banking network, bank consortium data sources and GIACT proprietary data
