Bonifii selects Mastercard as preferred provider of Open Banking

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Credit Unions Access Consumer-Authorized Data for Faster, More Accurate Underwriting

DENVER – Bonifii today announced that it has selected Mastercard, through its wholly-owned subsidiary Finicity, as the preferred open banking service provider for its MemberPass® credit unions to access authorized consumer banking data, to inform the underwriting of different types of mortgage, auto, personal and small business loans.

MemberPass, powered by Bonifii™, is a digital ID that uses distributed ledger technology and FIDO privacy principles, currently issued by credit unions. The FIDO technical specifications stipulate that a FIDO device should not have a global identifier visible on websites, which helps to avoid unwanted and unexpected re-identification of a FIDO user. With the help of Mastercard, Bonifii members can add consumer-authorized data on top of the MemberPass digital identity solution to help individuals access capital securely.

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“MemberPass is the gold standard in the digital identity market, and as Bonifii’s preferred open banking provider, Mastercard will enable credit unions to cross the digital frontier through the use of consumer-authorized data. “said Bonifii CEO John Ainsworth. “It will complement the current credit scoring system by leveraging income and asset verification for auto, personal and mortgage loans.”

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

“Mastercard’s open banking technology provides credit unions with a growth opportunity to expand account opening, lending and loan servicing, said Andy Sheehan, EVP, US Open Banking at Mastercard. “Mastercard’s ability to immediately verify account information, through open banking technology and consumer-authorized data, will be imperative for competitive financial institutions, and the digitization of account verification to improve and better inform methods of underwriting will play a vital role in the future of loan processing. ”

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 provide consumers with a safer, more secure and private opportunity to authorize their data to verify identity and account ownership during the loan process.

About Bonifi

Denver-based Bonifii is the financial industry‘s first verifiable exchange network designed to enable trusted digital transactions using open standards and advanced technology and security. Its mission is to provide a premier digital peer-to-peer financial exchange network for financial cooperatives. The network brings a high degree of assurance to the exchange of value between peers on the Internet and other digital networks and streamlines processes affected by expensive, inefficient, proprietary and siled systems. For more information, visit Bonifii.com.

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About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections in more than 210 countries and territories, we are building a sustainable world that unlocks invaluable opportunity for all. www.mastercard.com

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220425005159/en/

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Jennifer Land
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