# Open Finance for Account Opening Program
source: https://developer.mastercard.com/blog/open-finance-account-opening-program/index.md

Authors: Sarah Sherman. Digitization has transformed how people and businesses think about money. Today's digital consumers are looking for solutions that provide more flexibility, convenience, and choice. As our landscape continues to evolve at rapid speed, open finance provides a platform for innovation, empowering consumers and businesses to benefit from their own permissioned data in exchange for innovative financial experiences to bring the promise of the digital economy to more people. The demand for more entrants into the digital economy is clear; a study from Insider Intelligence found that Gen Z mobile banking adoption continues to rise sharply at 12.4% year over year, from 20.7 million in 2020 to hit 47.8 million by 2026. A significant part of this increasing adoption is the ability to seamlessly open and manage online bank accounts with ease. To streamline this process, Mastercard recently announced the Open Finance for Account Opening Program. It provides a foundational set of open finance products as a core benefit for participating U.S. Mastercard consumer and small business debit issuers, as well as U.S. consumer prepaid issuers. The solutions are designed to preempt potential paint points around account ownership, account abandonment, non-sufficient fund (NSF) returns, and manual entry of payment credentials. Mastercard will provide participating U.S. issuers who opt in with free access to the following solutions: Account Owner Verification: A one-time API request that returns the account owner(s) name, address, email and phone number for a select account. This verifies that the bank account being linked is owned by the person opening a new debit account and complements KYC risk mitigation in real time. Account Detail Verification: Instantly authenticates and verifies account details, including account and routing numbers, to help mitigate fraud, reduce manual entry errors and maximize confidence in payment transactions. Account Balance Check: Easily determines account balance before moving funds to a new account. This ensures that the amount being moved to the new account is available with an accurate, real-time balance snapshot, and reduces costly NSF returns. Account Owner Verification, Account Detail Verification, and Account Balance Check are all currently available as standalone services. Opt-in for the Open Finance for Account Opening program to receive all three products as a bundle is live (customers can complete an enrollment form). Once enrolled and integrated, issuers can begin using the Open Finance for Account Opening services in H2 2024. As an added benefit, customers can access comprehensive design guides that provide a wealth of best practices, examples, and recommendations on how to structure the user experience here. If you're interested in Account Opening with Open Finance, check out the documentation page, or click here to sign up.