Mastercard has signed a deal worth $850 million to acquire digital identity verification solutions provider Ekata for advancing its identity verification efforts.

Ekata offers businesses across the world the ability to connect any digital transaction to the human behind it. Its product suite is powered by the Ekata Identity Engine and is made up of a couple of data sets, which are the Ekata Identity Graph and the Ekata Identity Network.

The company’s suite of APIs and SaaS solutions are claimed to cater to more than 2,000 businesses and partners in fighting cyberfraud.

Ekata is said to work with a variety of financial institutions, global merchants, travel firms, marketplaces, and digital currency platforms.

The digital identity verification solutions provider leverages insights for providing unique scores, risk indicators, and data attributes that can be used by businesses for making more informed decisions.

Furthermore, during the online opening of accounts, payments, and a range of other digital interactions, the insights are said to help customers identify good consumers and businesses, and also bad actors in real-time.

Commenting on Mastercard acquisition of Ekata, Ajay Bhalla – president of cyber and intelligence solutions at Mastercard, said: “The shift to a more digital world requires real solutions to secure every transaction and instill trust in every interaction.

“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.”

According to Mastercard, the identity verification data, machine learning technology and global experience of Ekata combined with its fraud prevention and digital identity programs will help businesses have the confidence of knowing who their customers are and, thereby helping the customers in interacting online safely.

Rob Eleveld – CEO at Ekata, commenting on Mastercard acquisition of Ekata, said: “The acceleration of online transactions has thrust global digital identity verification to the forefront as one of the biggest opportunities to build digital trust and combat global fraud.

“The right identity verification solutions enable inclusive and frictionless experiences while, at the same time, ensuring customer privacy, control and security. Becoming part of the Mastercard Identity family ensures a broader, collective approach to meeting the growing demands of the digital economy.”

Mastercard acquisition of Ekata, which is subject to regulatory approval and customary closing conditions, is expected to be wrapped up within the next six months.

  Ajay Bhalla, Ekata, Mastercard, Rob Eleveld, USA