Mastercard Connect Plus simplifies financial data exchange
One of the largest payment systems has launched a new service – Mastercard Connect Plus. It is designed to support the management of financial information. The product simplifies the process of data transfer to third parties.
The application’s key function is to provide consent for the transfer of financial information. The solution makes data sharing more convenient. Users can manage multiple bank accounts in one application and control access to them.
Mastercard’s Jess Turner notes that Connect Plus is a highly relevant solution. It increases the security of financial data storage and transfer. The service is available to both individuals and businesses. Thanks to this tool, users can track how and by whom their information is being used.
Mastercard’s innovation was to increase the security level of the account holder verification service. In this way, the company aims to minimise the likelihood of fraud. Moreover, the system protects against illegal transactions by users and unauthorised actions by banks.
In addition, the developers have extended the tools for confirming the rights of owners and verifying their identity. The device must also undergo an identification procedure before connecting to a bank account.
Other Mastercard projects
In autumn 2024, Mastercard will launch a new Identity Attribute Verification service. It can verify detailed information about cardholders. The project is currently undergoing testing and is available in several European countries. The product operates on the basis of the EMVCo standard, which helps to get information about the cardholder. The data is limited to name and general payment information.
Service features:
– access to data on the eligibility of a product category for a particular consumer;
– protection of confidential information;
– enhanced identity verification capabilities;
– increased security during data verification;
– owner identification by age and location information.
The company plans to expand the service availability in Europe in 2025.
Another important project for Mastercard was the cooperation with the investment bank Citi. This partnership aims to provide international payment transactions with Mastercard cards. It should be available in 14 host markets, and the list will expand in the future.
The partnership between the two companies will offer Citi Bank customers the ability to make payments at any time of the day. They will be able to use their Mastercard debit cards.
It is important to note that Citi was the first financial institution to offer cross-border transactions through the Mastercard payment system. High security and speed in transferring funds between accounts are the hallmarks of this service. It is available to the bank’s customers in 65 countries.
