Verify a consumer’s bank account ownership in real time with open banking

June 6, 2023 | By Bart Willaert

In an increasingly digital world, bank account verification is more important than ever. With our brand-new open banking account owner verification tool, businesses from every industry can now offer frictionless digital onboarding experiences.  

But why is it so important and how can it help your business and customers to a fast and seamless onboarding process? Deep dive into the opportunities of account owner verification below and see how it can help scale your business.

No confusion. Just confirmation

Account details are one thing, but is it the account of the person you’re expecting? With our unique account owner verification tool, verifying ownership of accounts is accurate, fast and seamless.

Thanks to open banking capabilities, Mastercard now offers a simple but powerful method to check whether the customer using your service is the rightful owner of the bank account provided.

In that way, our account owner verification tool helps you stay compliant and avoid slow and outdated verification processes that steal both time and money.

There’s no doubt that the new product is set to empower digital frictionless experiences. As consumers desire and expect more digital experiences, digital account opening is central to onboarding new customers and growing a business. With the new account owner verification tool, Mastercard is uniquely positioned to help fintech innovators onboard customers safely and seamlessly in order to accelerate growth.

Empowering use cases across industries

Mastercard envisions the new account owner verification tool to have a wide impact across different use cases ranging from digital wallets providers, PSPs, wealth management apps, proptech platforms, insurance companies, e-commerce players, marketplaces and telcos.

But how does it actually work?

Powered by open banking, we enable you to retrieve bank account details and account holder information, as well as matching the name submitted by the consumer with the account holder name retrieved via open banking connectivity. Our tool also provides you with a match score that represents how closely the name submitted matches the name found at the end user’s banking institution. 

In that way, you’re able to ensure a smooth onboarding experience. From account opening to direct debit setup, payouts and top-up payments, the account verification tool unlocks a world of opportunities across several industries with multiple use cases.

If you’re keen to learn more about how you can take advantage of the account owner verification tool, watch our demo or reach out to our open banking experts.

If you want to explore how others have created innovative solutions with open banking, visit our open banking hub for inspirational use case studies. 

Bart Willaert, EVP, Open Banking International Markets, Mastercard