Products

EMARKETER delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
PRO+
New data sets, deeper insights, and flexible data visualizations.
Learn More
Reports
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Forecasts
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Charts
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Briefings
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About EMARKETER

Our goal is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how EMARKETER came to be.
Learn More
Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about EMARKETER.
Contact Us
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Events
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Podcasts
Tune in to EMARKETER's daily, weekly, and monthly podcasts.
Learn More

Mastercard deepens push into open banking with account owner verification

The news: Mastercard launched an account owner verification tool in Europe that uses open banking, per PYMNTS. The solution automates the account ownership verification process to eliminate account opening pain points.

In tandem with this launch, Mastercard also partnered with French credit decisioning specialist Algoan. Algoan will use Mastercard’s open banking connectivity to power its credit scoring products across Europe to deliver faster and more inclusive credit decisions.

The bigger picture: Mastercard is committed to unlocking the benefits of open banking, it said during its 2023 North American Innovation Day.

It’s identified four key use cases: payments, account opening, lending, and small business service.

  1. Payments: Mastercard has various open-banking partnerships to facilitate account-to-account (A2A) payments, like a tie-up with JPMorgan Payments for the ACH solution Pay-by-Bank. And Mastercard-owned Aiia teamed up with Paytrail to power more than 1 million open banking payments a month as of last July.
  2. Account opening: Mastercard launched API-based Open Banking for Account Opening in the US in May. It verifies consumers’ identities in real time and pre-fills account and routing data to minimize errors.
  3. Lending: Mastercard helps credit unions improve underwriting through a tie-up with credit union service organization Bonifii.
  4. Small business services: Mastercard added advanced analytics to its open banking platform in February to help small businesses analyze permissioned data. Open banking can also give small businesses access to more financing options and can help these businesses scale their operations.

Why it matters: Mastercard is pushing forward with its aggressive open banking push.

Open banking can expand Mastercard’s consumer and merchant network: Account opening partnerships can make financial services available to more users, and interchange-free A2A payments can attract merchants, for example.

But privacy issues still abound, so Mastercard must manage data with transparent consent to ease regulatory, business, and customer concerns to succeed in this segment.

Dig deeper: To read more about the benefits open banking can bring to payment card networks, check out our “US Payment Card Networks 2022” report.

This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.