Bonifii selects Mastercard as preferred Open Banking provider

Tuesday 26 April 2022 14:43 CET | News

Bonifii has selected Finicity, a Mastercard company, as the preferred Open Banking provider for its MemberPass credit unions.

Through this partnership, Bonifii can access consumer-permissioned bank data, to inform underwriting for different loan types across mortgage, auto, personal and small business.

MemberPass, powered by Bonifii, is a digital ID that uses distributed ledger technology and FIDO privacy principles, currently issued by credit unions. FIDO technical specifications state that a FIDO device must not have a global identifier visible across websites, which helps to prevent unwanted and unexpected re-identification of a FIDO user. With the help of Mastercard, Bonifii members can add consumer-permissioned data in addition to the MemberPass digital identity solution to help individuals access capital securely.

Mastercard’s Open Banking platform can deliver verification of income, asset, and employment reports directly to credit unions during the underwriting process, all built with consumer-permissioned data from the borrower. This technology enables credit unions to offer a digital-first method through which their borrowers can instantly provide the required information that the credit union needs to make a lending decision and replaces manual processes historically associated with the underwriting process for both the borrower and the lender.

Mastercard’s Open Banking technology also reduces the potential for fraud and other time-consuming inaccuracies that credit union underwriters face daily. Together, Bonifii and Mastercard will allow for a more safe, secure, and private opportunity for consumers to permission their data to verify identity and account ownership during the lending process.

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Keywords: partnership, MasterCard, Open Banking, digital identity
Categories: Banking & Fintech
Companies: Bonifii, Finicity, Mastercard
Countries: United States
This article is part of category

Banking & Fintech






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