Mastercard Debuts Open Banking ‘Command Center’ Connect Plus

Mastercard introduced a tool that lets consumers control the sharing of their financial data.

Connect Plus is a “data command center” that lets consumers determine how, where and with whom their data is shared, according to a Friday (Oct. 18) press release.

“Transparency is the key ingredient to instilling trust in the digital economy,” Jess Turner, global head of open banking and API at Mastercard, said in the release. “When individuals and small businesses have agency over their financial data — who has it, where it’s going and how it’s being used — they can make informed decisions, access better opportunities and have more confidence that their financial data is just that — theirs.”

Connect Plus lets users search for and link their bank accounts, see which third parties have permission to access account data, and grant and revoke consent in real time, the release said. The tool also notifies consumers when a third-party’s permission to access account data is expiring or needs more attention.

A survey found that 76% of Mastercard consumers connect their financial accounts, and 93% said having control over how their financial data is used is of “paramount importance,” per the release.

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

The launch comes as many American consumers trust their financial institutions to protect their financial data, according to the PYMNTS Intelligence report “Can Open Banking Win Trust to Drive Real-Time Payments?”

“Open banking, which allows third-party providers to access banking data through secure APIs, has gained momentum globally as a means to enhance financial services,” PYMNTS wrote last month.

Data security and privacy are obstacles to open banking realizing its full potential in the American financial landscape.

Skepticism about open banking is found on both sides of the Atlantic, with 84% of consumers in the United Kingdom mistrusting its safety and 72% saying they think it benefits third-party providers more than consumers.

“Additionally, businesses cite cybersecurity concerns as a barrier despite recognizing open banking’s potential benefits,” PYMNTS wrote. “In the U.S., while 60% of Americans view open banking favorably, concerns persist about data storage and collection practices. Only 57% of Americans trust financial institutions to protect their personal information, underscoring the need for improved trust and transparency.”