Bonifii chooses Mastercard as preferred provider of Open Banking

Bonus has selected finicitya Mastercard company, as Open Banking’s preferred provider for its MemberPass credit unions.

Through this partnership, Bonifii can access banking data authorized by consumers, 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.

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 also reduces the risk of 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.

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