Mastercard is launching a new Open Banking-enabled account opening service.

Open Banking for Account Opening will integrate account owner verification with identity insights into a single API to help businesses meet their customers’ needs for security and transparency, the payment provider said.

Mastercard added that the new service is designed to verify consumer account ownership and identities in real-time while also prefilling account and routing data to “minimise errors”.

“Our digital identity and Open Banking networks instil confidence on both sides of an interaction,” said Chris Reid, executive vice president, identity solutions, Mastercard. “By securing our online ecosystem, we are delivering on our promise to bring more people and businesses into the digital economy.”

The new Open Banking service follows Mastercard’s launch of an international payments tool allowing financial institutions to set up international payments for their customers with the stated aim of providing “choice, access, and transparency” for cross-border transactions.

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