BIRMINGHAM, AL / ACCESSWIRE / August 20, 2024 / Allison, a pioneering fintech company, is proud to announce a strategic partnership with Mastercard to utilize its identity solutions to help financial institutions prevent fraud. This collaboration will equip minority depository institutions (MDIs) and community banks with advanced tools to reduce fraud and prevent money laundering.

MDIs, community-based banks and credit unions that are majority-owned or majority-governed by people of color, provide financial services to communities that have historically been underserved by financial institutions. MDIs provide critical access to capital, mortgages, loans, and banking services.

While financial crimes can impact financial institutions across the ecosystem, MDIs face unique challenges due to their size and scope. The integration of Mastercard's identity solutions will provide MDIs with enhanced capabilities to detect and prevent fraudulent activities, thereby reducing risk and improving overall financial security. This, in turn, creates more secure and seamless experiences for consumers.

Key Benefits of the Partnership:

• Mastercard's sophisticated identity verification and risk assessment solutions will enable institutions to detect and mitigate fraudulent activities.

• To provide robust tools to help identify genuine customers, helping more people access financial services.

• Strengthening financial security in underrepresented communities.

"We are thrilled to partner with Mastercard, combining our strengths to deliver top-tier fraud prevention and anti-money laundering solutions. This partnership underscores our commitment to supporting minority depository institutions and community banks in their mission to provide secure financial services to their communities," said Brian Alvarez-Bailey, CEO of Allison.

"Together with Allison, we are bringing unmatched fraud prevention, identity, and anti-money laundering solutions to bear that will fortify financial institutions serving underserved communities and instill trust and confidence in the ecosystem," said Dennis Gamiello, EVP, Identity, Mastercard. "This represents the latest in Mastercard's long-standing effort to connect and power an inclusive, digital economy that benefits everyone, everywhere."

This partnership is an extension of the ongoing collaboration between the two companies. Last year, Allison joined Mastercard's Start Path In Solidarity program. This award-winning global startup engagement program helps accelerate fintech growth by providing financial tools and connections to a global network that fosters equitable access to opportunities.

About Allison:

Allison builds financial infrastructure that powers banking products for both financial institutions (community banks, credit unions, CDFIs, MDIs) and non-financial institutions (Fintechs, check cashers, MSBs). Our platform leverages intelligent systems and advanced technology to provide innovative solutions that enhance the security, efficiency, and transparency of financial services. By empowering a diverse range of institutions with cutting-edge tools, Allison is committed to fostering financial inclusion and resilience.

For more information, contact Zoe Taylor, Media at hello@tryallison.com.

SOURCE: Allison