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GIACT and Mastercard Team to Provide Secure Account Verification

Mastercard and GIACT announced the beginning of cooperation in order to provide customers with a secure account verification procedure.

GIACT and Mastercard Team to Provide Secure Account Verification

Source: Pixabay.com

As part of the partnership project, GIACT’s digital identification capabilities will be expanded. Solutions aimed at combating fraud will also be improved, as a result of which enterprises will be able to use a multimethod approach to verify account information on more than 95% of deposit accounts in the United States. This is stated in the press release of GIACT, which was published on March 7.

GIACT is a British company owned by the London Stock Exchange Group (LSEG). The firm will use Mastercard’s open banking technology to provide account verification solutions to its clients and third-party risk organizations. These consumers will be able to allow their customers to check an array of information within a single bank account.

Andy Sheehan, EVP of Mastercard, says that the active introduction of digital technologies has changed the way people perceive the process of using money and significantly transformed their ideas about what quality financial services should be. For example, clients of a financial institution declare the need for safer and more convenient online identity verification procedures.

Phil Coulter, head of the LSEG group for solutions for customers and third-party organizations, said that the partnership with Mastercard is a logical continuation of the ongoing investment in anti-fraud solutions.

Recent research suggests that about a third of bank customers want institutions to offer more effective security measures to carry out high-risk financial activities. Most of these consumers are convinced that additional visible security measures increase the degree of protection of assets and personal data.

Also, new research suggests that bank customers want to be directly involved in protecting their money and confidential information. More than a quarter of consumers want their FIS to provide additional visible security measures for routine digital operations.

Also, 29% of clients of financial institutions want more security when sending or receiving money, and 27% seek these measures when making purchases.

The tendency of striving for active participation in ensuring security is characteristic both for customers of traditional banks and for consumers using the services of financial institutions operating only in the virtual space.

Among all countries, the UK can claim the status of the state with the highest involvement in monthly and weekly digital events by banks and other financial organizations. But the largest share of consumers participating in digital events every day is observed in Singapore.

As we have reported earlier, Mastercard and Google Launch Google Pay in Kuwait.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.