Mastercard has introduced a suite of tools aimed at empowering individuals to manage how their financial data is shared with third parties.
Connect Plus serves as a data-consent command center, enabling users to control where, how, and with whom their financial information is shared.
With a single digital application, users can search for and link their bank accounts, see which third parties have permission to access their account data, and grant or revoke consent in real time. To keep users informed, Connect Plus will alert them when a third party’s permission to access data is nearing expiration or requires attention.
Jess Turner, EVP and global head of open banking and API at Mastercard, stated, “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 theirs.”
Additionally, Mastercard is enhancing its Account Owner Verification tool with new security features designed to combat fraud in the open banking ecosystem. These enhancements, accessed through a single API, offer improved insights to confirm ownership, verify identity, and validate the device being used to connect to a bank account.