Mastercard and Synctera Extends Partnership for Fraud Mitigation

Mastercard and Synctera Extends Partnership for Fraud Mitigation
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Mastercard and Synctera have extended their alliance and it will lead to empower Synctera’s FinTech consumers with account verification solutions. Mastercard with its open banking platform, Finicity enables emerging FinTech customers of Synctera to access data they want to remove the chances of fraud and offer more payment transaction choices to enhance user experience.

Mastercard, a leading global payments and technology organization provides services like account funding, account verification, payment enablement, and more to its customers with the insights and data that FinTech entrepreneurs require to reduce fraud and risk.

Andy Sheehan, Executive Vice President, U.S. Open Banking, Mastercard, stated, “Mastercard’s open banking platform provides consumer-permissioned data that is critical to enabling all ecosystem players, opening the door for the future of financial experiences, and can help streamline account verification to reduce friction between apps and consumers. Mastercard and Synctera’s partnership enhances the support and collaboration that is critical to FinTech innovators and will allow entrepreneurs and developers the ability to go to market quickly and ultimately deliver more consumer choice.”

Earlier, Synctera, a pioneer Fintech banking provider enabling entrepreneurs launch their FinTech organizations, was using the Digital First Card Program to excel Fintech and bank enrolment and support. The expanded partnership will allow it to use Finicity to increase the choices available to FinTechs (consumers of Synctera) to increase their KYC abilities and also develop their tech stacks. Synctera customers enabled by Mastercard’s open banking platform can now connect and transact into their accounts from multiple banks in real-time.

Peter Hazlehurst, CEO, Synctera, commented, “Our goal is to empower FinTechs and position them to succeed in a competitive marketplace through superior tools and resources and meaningful and strategic partnerships. Mastercard has been an essential partner in helping us meet the goal of opening up economic opportunities for the consumers and businesses that our banking and FinTech customers serve.”

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