FundingShield partners with Mastercard to leverage its open banking platform
By Delisha Fernandes
FundingShield, a cloud-based firm providing FinTech solutions to manage risk, compliance and fraud prevention, has partnered with Mastercard to leverage its open banking platform delivered by Finicity, a Mastercard company.
Ike Suri, CEO FundingShield, said, “FundingShield has over 95% coverage of licensed service providers in the real estate, mortgage, closing and settlement space in our live repository. This partnership with Mastercard allows us to leverage its open banking connectivity of over 95% of US-based deposit accounts for consumer-permission access to real-time, bank-sourced data to expand our B2B and B2B2C payment verification solutions for clients.
“With this partnership, we deepen our mortgage, title, and real estate offerings as a one-stop shop. Further, this is a natural extension of our scalable and malleable solutions with applications across numerous sectors. We are actively engaged and delivering loss prevention tools for accounts payable, treasury, and supplier risk management teams across several industries.”
FundingShield’s solutions manage risk for B2B and B2C firms facing a surge of cybersecurity threats like hacking and fraud. FundingShield’s payment verification solutions support bank account ownership confirmed with consumer-permission data from the banking institution where the account is held, using Mastercard’s open banking platform. This source data is then used to help approve payments ahead of a FundingShield client initiating a wire, ACH, or another payment method from the customer’s banking institution.
This partnership expands FundingShield’s offering within the real estate, mortgage and title sector with solutions that protect buyers, sellers, brokers, bank and non-bank lenders, warehouse lenders, and title and settlement entities.
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