Payment solutions provider GIACT has announced a partnership with Mastercard to enhance GIACT’s account verification capabilities, the company said in a news release.
The U.K.-based company, owned by the London Stock Exchange Group, says integrating Mastercard’s open banking technology will enhance its existing suite of digital identity and fraud solutions.
“The partnership with Mastercard builds on our continued investment in digital identity fraud solutions for LSEG customers,” Phil Cotter, LSEG group head of customer and third-party risk solutions, said in the news release. “By providing customers with consumer-permissioned open banking account verification through Mastercard, our customers can more effectively manage fraud and meet their compliance obligations, whilst providing a differentiated digital experience to their customers.”
GIACT’s announcement comes amid a growing shift toward online commercial and financial activities, including digital and contactless payments, that’s forcing organizations to make rapid moves toward digital transformation. The global contactless payment market is projected to balloon to $164 billion by 2030, up from $41 billion in 2022.