Mastercard’s Account Opening API delivers protection and insights beyond KYC

The modern digital terrain demands multiple layers of security to ensure your business’s safety.

Know Your Customer (KYC) is a government compliance mandate for financial institutions, e-commerce businesses and marketplaces designed to prevent fraud in its many forms. By combating cybercriminals and protecting customer information from misuse, stopping the creation of mule accounts for money laundering and other fraudulent activities, the payments ecosystem will be secure and healthy.

KYC details the procedures businesses must employ to verify the identity and credibility of their customers. It involves analyzing customer personally identifiable information (PII) to ensure the customer identity is verified and the person is who they claim to be. KYC compliance is vital for industries that involve online transactions and sensitive data.

Matercard’s Account Opening (AO) API helps the process by quickly and thoroughly pre-screening a customer’s identity before they enter the KYC compliance process. This enhances the efficiency and effectiveness of the KYC compliance processes by helping businesses optimize resources and reduce costs.

After implementing Account Opening API, customers saw a 60% increase in passive verifications and a 50% reduction in customer account creation drop-offs before the KYC process.

Features and benefits of Account Opening API

Supports the process by flagging high-risk applicants early in the onboarding process — pre-KYC.
Unlike the deterministic approach to risk assessment in KYC, AML and OCR, Account Opening API uses a probabilistic assessment to verify identity elements, how they’re linked and when and how they’ve been used.
Provides financial institutions the confidence to determine appropriate workflows for each applicant at onboarding. This initial touch point directs low-risk applicants to a streamlined workflow, while high-risk applicants are subject to friction with additional verification steps.

By pinpointing high-risk applicants, banks only need to put the riskiest individuals through KYC. This reduces the monetary cost of KYC compliance for businesses.
Reduces onboarding costs and saves money by preventing fraud, most notably synthetic identities. Traditional KYC procedures aren’t sophisticated enough to detect this type of sophisticated fraud.

Account Openning API CUSTOMER EXPERIENCE

“We get a risk score associated with any successfully created account. Alongside that, we create different thresholds. So, if you meet a higher risk threshold, then you can only perform certain actions on the platform. And if you’re too high a risk, you get a message telling you to contact customer support instead of being allowed entry.”
– DARREN CODY, MARKETPLACE STUDIO CO-FOUNDER

Trust is key

Ekata’s worked within the industry to rise above and create fraud prevention that truly performs

Trusted by over 2,000 Customers Worldwide

Mastercard’s AO Solution is accurate, efficient and intuitive to use for fraud prevention, complying with regulations and improving customer satisfaction.

Using vetted, model-ready data sources, machine learning-powered algorithms and analytics, the AO solution provides precise actionable results. This ensures businesses can make confident informed decisions before entering the KYC process.

The solution can process customer data and perform identity checks at scale, reducing the need for manual reviews. By pinpointing high-risk applicants, businesses customize the applicants that need KYC compliance. This pre-check creates efficiency and allows businesses to onboard good customers faster and optimize their operational workflows.

The solution’s advanced fraud detection capabilities can identify patterns, detect anomalies and flag potential fraudulent activities. This proactive approach enables businesses to detect and prevent fraud, protecting both their financial interests and the security of their customers’ information.

By streamlining the KYC process, businesses minimize customer friction to deliver an enhanced onboarding experience. Using the capabilities of Mastercard’s AO solution, businesses can optimize their KYC processes, mitigate risk and establish a foundation of trust and security in customer interactions.

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