FundingShield, a cloud-based company providing FinTech solutions for risk management, compliance, and fraud prevention, has partnered with Mastercard to leverage an open banking platform run by Finicity, a Mastercard company provide.

“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.”

Ike Suri, CEO FundingShield.

FundingShield solutions manage risks for B2B and B2C businesses that are facing an increase in cybersecurity threats such as hacks and frauds. FundingShield payment verification solutions support bank account ownership confirmed with consumer authorization 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 before a FundingShield customer initiates a wire transfer, ACH, or other payment method from the client’s banking institution.

This partnership expands FundingShield’s offering in the real estate, mortgage and securities industries with solutions that protect buyers, sellers, brokers, bank and non-bank lenders, warehouse lending and payment and title institutions.