Synctera Expands Partnership with Mastercard to Offer Account Verification Solutions

Synctera, a US-based fintech banking provider, has expanded its partnership with Mastercard by integrating Mastercard's Open Banking platform to provide account verification solutions.

The addition of consumer-permissioned data from an Open Banking platform allows early-stage fintechs access to the data they need to mitigate fraud, maximise confidence, and provide more choices in payment transactions to improve user experiences.

Mastercard's initial activities with Synctera were seen in support of the Digital First Card Program to improve bank and fintech onboarding and support. This latest collaboration uses Mastercard's Open Banking platform to expand the options available to Synctera-powered fintechs as they build their tech stacks and allows for improved KYC capabilities. With Mastercard integrated into the Synctera platform, consumers will be able to connect and fund their accounts from thousands of banks in minutes.