MasterCard secures account to account payments

Mastercard most recently formalized its brand new initiative in account-to-account payment (A2A). This time, the US payment giant is committed to protecting this type of transaction and therefore presents a security and anti-fraud solution specifically adapted to this method of payment.

FACTS

• Mastercard has just presented its new account to account or A2A solution called Mastercard A2A Protect.

• The latter must protect consumers by combining state-of-the-art fraud prevention technology (including AI-enabled), standardisation of compensation management and a clear new framework for dispute resolution.

• Monzo, NatWest and Santander are working with Mastercard to develop and deploy this service in the UK.

ISSUES

• Building confidence in account-to-account payment Most of the A2A payment initiatives have so far focused on prevention measures (real-time IA escorting, alerts, etc.), but little standardization on dispute management or compensation in case of fraud or challenge. Here, Mastercard offers an end-to-end solution that structures both prevention, claim management and the fund recovery process.

• Standardize processes In addition to the involvement of several British banks in this solution, Mastercard can here boast of providing a process and standards at the scale of a generally split market, where each bank manages the fight against fraud, the management of claims or compensation differently.

• Complete your device : At the launch of Mastercard A2A Protect, Mastercard states that 15 banks (representing 90% of account-to-account payments in the United Kingdom) are currently protecting their clients' wider payments through Consumer Fraud Risk (CFR), an AI-based Mastercard service that evaluates real-time transactions. Mastercard A2A Protect specializes in securing account-to-account payments.

PERSPECTIVE

• According to UK FinanceIn 2024 in the United Kingdom, £592 million was lost due to account fraud.

• The British Payment Systems Regulator (PSR) introduced a share of responsibility measure for account-to-account payment fraud. Mastercard is taking advantage of this regulatory evolution to propose a model combining technology, uniform practice and improved user experience to meet these new constraints but also to give a competitive advantage to its partners.

• The launch of this new solution is also a way for Mastercard to materialize its innovation efforts around account-to-account (A2A) payment solutions. The American payment giant indeed dedicated a sandbox the recent innovations in payments from the UK financial institutions.

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