LSEG’s Giact to use Mastercard’s open banking tech for account verification
Giact, a London Stock Exchange Group (LSEG) business, has tapped payments giant Mastercard for its open banking tech to power a secure account verification solution for its customers.
LSEG’s Giact partners with Mastercard
Leveraging Mastercard’s open banking capabilities, Giact says it will be able to deploy Nacha-compliant account verification solutions across its customer and third-party risk businesses.
Launched in 2004, Giact’s tech provides businesses with data-driven insights to prevent identity and payments fraud and improve compliance procedures.
Through the partnership, Giact customers will have access to consumer-permissioned data to verify bank account owner, income account balance and transaction information. Additionally, the company says businesses will be able to use a “multi-method approach” to verify accounts for “over 95% of US deposit accounts”.
“By allowing customers to verify a vast array of information within a single bank account, institutions can fulfill customers’ needs more quickly and reliably – streamlining onboarding, decreasing fraud exposure, and supporting compliance,” Giact says.
Phil Cotter, LSEG group head of customer and third-party risk solutions, adds that by “providing customers with consumer-permissioned open banking account verification through Mastercard, our customers can more effectively manage fraud and meet their compliance obligations”.
