Mastercard has launched an enhancement to its Open Banking Account Opening solution to make it more secure as clients increasingly go digital.

Digital account opening and transaction volumes are expected to reach $15 trillion by 2027, according to data from Statista, and Mastercard’s solution allows banks and fintechs to monitor digital fraud using account and identity verification, according to a Mastercard release.

“Our solution verifies consumers’ existing accounts and their identity in real time in one single API,” Ranjita Iyer, senior vice president at Mastercard, said last week at Fintech Nexus in New York.

The solution integrates account owner verification with consumer-permissioned data from machine learning, open banking and fraud prevention programs to allow financial institutions and fintechs to “onboard more genuine customers,” Iyer said.

One fintech already using the solution is mobile banking platform MoneyLion, Iyer said.

The solution allows the fintech to “prioritize convenience, security and accessibility for our customers,” MoneyLion Chief Executive Dee Choubey said in the release. “It is crucial that we deliver service excellence from the beginning of our customer relationship by providing an experience that streamlines the account opening process.”