Mastercard introduces Open Banking “Command Center” Connect Plus

MasterCard has launched a tool to help consumers control the sharing of their financial data.

ConnectPlus is a “data command center” that allows consumers to control how, where and with whom their data is shared, according to a press release on Friday (October 18).

“Transparency is the key factor in creating trust in the digital economy” Jess Turnerglobal head of open banking and API at Mastercard, said in the press release. “When individuals and small businesses have control over their financial data – who has it, where it goes and how it is used – they can make informed decisions, access better opportunities and have greater confidence that their financial data is just that – theirs. “

Connect Plus allows users to search and link their bank accounts, see which third parties have access to account data, and grant and revoke consent in real time, the release said. The tool also notifies consumers when a third party receives permission to access account information expires or needs more attention.

A survey found that 76% of Mastercard consumers link their financial accounts and 93% said that controlling how their financial data is used is “paramount,” the release said.

The company is piloting Connect Plus this year and plans to expand it to full availability in the United States next year, the release said.

The launch comes as many American consumers trust their financial institutions to protect them Financial dataaccording to the PYMNTS intelligence report “Can open banking gain the trust to drive real-time payments?”

“Open banking, which allows third parties to access banking data via secure APIs, has gained traction around the world as a means to improve financial services,” PYMNTS wrote last month.

Data security and data protection are obstacles to open banking recognize its full potential in the American financial landscape.

There is skepticism about open banking on both sides of the Atlantic, with 84% of UK consumers distrusting its security and 72% saying they believe it benefits third parties more than consumers.

“In addition, companies cite cybersecurity concerns as a barrier despite recognizing the potential benefits of open banking,” PYMNTS wrote. “While 60% of Americans view open banking positively, concerns remain about data storage and collection practices. Only 57% of Americans trust financial institutions to protect their personal information, underscoring the need for greater trust and transparency.”