Mastercard announces plans to acquire Ekata

Tuesday 20 April 2021 10:02 CET | News

Mastercard has unveiled it took steps to advance its identity verification efforts with the acquisition of Ekata for USD 850 million.

Ekata's identity verification data, machine learning technology, and global experience combined with Mastercard's fraud prevention and digital identity programmes will help businesses confidently know who their customers are and, in turn, help those customers safely interact online. In addition, both companies' integrated services will build on both companies’ commitments to ensure trust and the responsible use of data.

Via Ekata’s addition, Mastercard will advance its identity capabilities and create a safer way for consumers to prove who they say they are in the new digital economy. The companies will deliver a comprehensive identity service that can power real-time decision-making needs, from new account openings to helping merchants assess potential fraud before a payment transaction is authorised. The benefits of this agreement include:

  • Commitment to privacy, responsibility – Ekata shares Mastercard’s commitment to secure data practices centred around the individual, further reinforcing their value to the end user.

  • Identity technology – Ekata has built a core set of identity verification services that helps to provide the backbone of the safety of everyday commerce. 

  • Complementary expertise – The addition of Ekata's tech and engineering teams will help bolster the support Mastercard can provide as a one-stop partner for any consumer, bank, merchant, fintech or government’s data, payment, and Open Banking needs. 

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Keywords: Mastercard, Ekata, acquisition, digital identity, identity verification
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime