Mastercard has developed a data-consent command center that features a range of new Open Banking- powered tools, including enhanced identification and device intelligence features.

The service, called Connect Plus, is currently on a pilot basis, and is expected to become fully operational in the US in 2025.

The new technology aims to give users greater control over their finances, with customers able to view which third parties have consent to access private data and grant or revoke access in real time.

The new system also provides a notification service that warns customers if a third party’s permission is ending, or if it needs revision.

Research from Mastercard found that 76 per cent of its customers connect their financial accounts with third parties, with 93 per cent of this cohort saying that having control over their financial data is of paramount importance.

Mastercard said it’s also enhancing its Account Owner Verification solutions with new security features designed to combat fraud in the Open Banking ecosystem.

These features will be able to validate a device in use to confirm if it’s genuine or fake, detect signs of automation, and confirm if the device has a history of fraud.

“Transparency is the key ingredient to instilling trust in the digital economy,” said Jess Turner, executive vice president & global head of Open Banking & API at Mastercard.“When individuals and small businesses have agency over their financial data – who has it, where it’s going and how it’s being used – they can make informed decisions, access better opportunities and have more confidence that their financial data is just that – theirs.”

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