Mastercard has agreed an $850 million deal to buy AI-powered digital identity verification company Ekata.
Ekata works with merchants, financial institutions, travel companies, marketplaces and digital currency platforms, helping them to identify bad actors in real-time during online account opening, payments and other digital interactions.
Mastercard says the addition of Ekata’s technology and engineering teams will help bolster the support it can provide as a one-stop partner for any consumer, bank, merchant, fintech or government’s data, payment and open banking needs.
The payments giant also stresses the combined capabilities across digital-first, instalment and crypto payment services, with the potential to expand further to real-time payments and cross-border activities.
Ajay Bhalla, president, cyber and intelligence solutions, Mastercard, says: “With the addition of Ekata, we will advance our identity capabilities and create a safer, seamless way for consumers to prove who they say they are in the new digital economy.”
The acquisition is expected to close within six months, subject to regulatory review.