Mastercard’s introduced $850 million acquisition of digital id agency Ekata is a reminder that there isn’t any method ahead in digital commerce and not using a twenty first century perspective towards problems with safety and belief.
“The shift to a extra digital world requires actual options to safe each transaction and instill belief in each interplay,” Mastercard president of cyber and intelligence options Ajay Bhalla mentioned. “With the addition of Ekata, we’ll advance our id capabilities and create a safer, seamless method for shoppers to show who they are saying they’re within the new digital economic system.”
Seattle, Washington-based Ekata gives world id verification to allow companies around the globe to hyperlink digital transactions to the individuals who make them. Through APIs and a SaaS device, Ekata leverages knowledge science and machine studying to assist companies detect faux accounts, cross-verify client knowledge, cut back fee threat, and struggle transaction fraud. With greater than 2,000 company companions starting from world retailers and monetary establishments to marketplaces and digital foreign money platforms, Ekata permits its companies to achieve distinctive and priceless insights that permit them to make higher threat choices about their clients.
“The acceleration of on-line transactions has thrust world digital id verification to the forefront as one of many greatest alternatives to construct digital belief and fight world fraud,” Ekata CEO Rob Eleveld mentioned. “The proper id verification options allow inclusive and frictionless experiences whereas, on the similar time, making certain buyer privateness, management and safety. Changing into a part of the Mastercard Id household ensures a broader, collective strategy to assembly the rising calls for of the digital economic system.”
Based in 2019, Ekata unveiled its service provider onboarding resolution earlier this month. Designed to fulfill the wants of PSPs, B2B lenders, and marketplaces working with smaller, micro-merchants and sole proprietors, Ekata’s new platform automates the onboarding course of by way of API and gives for extra environment friendly handbook overview with a SaaS resolution.
“Retailers in the present day have loads of choices and can rapidly flip to a different fee service supplier if a corporation provides an excessive amount of friction at onboarding or takes too lengthy on approvals,” Ekata VP of World Advertising and marketing Beth Shulkin mentioned in an announcement. “That is far more than a buyer expertise concern for PSPs and lenders; shedding the lifetime worth of a service provider has actual bottom-line influence.”