Ekata, an identify verification solutions company, has been acquired by MasterCard, the company announced in a post to its corporate blog.
MasterCard made the acquisition in order to improve its ability to offer frictionless customer experiences by delivering a more comprehensive identity service, powering real-time decision-making for its customers, and making it easier for merchants to assess potential fraud when opening new accounts.
“We are thrilled to join the Mastercard family to accelerate our mission of building digital trust and combating fraud,” said CEO of Ekata, Rob Eleveld. “By combining Ekata’s technology and Mastercard’s established reach, we are well positioned to empower our customers to navigate the digital economy today and in the future.”
In the post, MasterCard president of Cyber and Intelligence Ajay Bhalla placed the acquisition in the context of a broader strategy to work aggressively to bring card not present fraud prevention teams together. The goal is to combine their individual expertise in order to create more sophisticated ecommerce fraud solutions that can keep up with evolving threats.
“We’re delighted to welcome the Ekata team to Mastercard,” Bhalla said. “Our focus will now be on bringing our talented teams together and advancing our identity capabilities to create a safer, seamless way for consumers to prove who they say they are in the new digital economy. Central to all of this is the balance of a frictionless experience with the trust delivered through a relentless commitment to customer privacy, control and security.”
MasterCard also announced the acquisition on its site, where it provided additional context into its reasons for the the acquisition which included Ekata’s commitment to privacy and responsibility, strong identity technology, and complementary expertise.